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Wrong. You should probably read the announcement.

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Corundum Member Level  Tuesday, 05/04/21 07:05:55 PM
Re: hondaboost post# 164
Post # of 175 
Wrong. You should probably read the announcement.

"To finance the Acquisition as well as general working capital, Metro One is raising $3.5 million of financing in the form of puttable Simple Agreements for Future Equity ("Safes") from institutional investors and family offices.

The Safes are to convert into common stock of the Company following the conversion of all outstanding Series A Convertible Preferred Stock ("Preferred Stock") into common stock ("Common Stock", and collectively with the Safes, the Preferred Stock, and any other Company securities, the "Securities") of the Company in a transaction that the Company intends to undertake later this year (the "Preferred Conversion" and the resulting capitalization immediately following the Safe conversion and the Preferred Conversion calculated on an as-converted to Common Stock basis, without duplication, the "Company Capitalization").

In addition, as part of the Acquisition consideration, Metro One has agreed that upon the Preferred Conversion it will issue Common Stock equivalent to 8% of the Company Capitalization for the benefit of certain creditors of Royal App, to issue Common Stock in an aggregate amount up to 2% of the Company Capitalization to Everest Corporate Finance as partial compensation for the Acquisition, as well as to issue equity incentives to certain employees. Pending the issuance of 8% of the Company Capitalization, a trustee for certain creditors of Royal App will have a lien on certain Shelfy assets for the benefit of such creditors."

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