Thursday, June 24, 2021 9:05:21 AM
We will not be getting preferred shares.
LAHO shareholders will get a cash payment.
1. Pursuant to the terms of the Fifth Amendment, and as full and total consideration for the Assignment and in addition to the assumption of the New LOI and the assumption of the Assigned Debt (both terms as defined in the Assignment), the option granted to LAHO pertaining to the issuance of the Company’s Series C Preferred Stock was terminated and replaced with a cash payment as consideration, upon the following terms:
a. The Company pay LAHO, by delivery in escrow, an amount equal to USD $8,200,000 (“Cash Payment”), which Cash Payment shall be used by LAHO for the repurchase of all of its shares of common stock from its common stockholders.
LAHO shareholders will get a cash payment.
1. Pursuant to the terms of the Fifth Amendment, and as full and total consideration for the Assignment and in addition to the assumption of the New LOI and the assumption of the Assigned Debt (both terms as defined in the Assignment), the option granted to LAHO pertaining to the issuance of the Company’s Series C Preferred Stock was terminated and replaced with a cash payment as consideration, upon the following terms:
a. The Company pay LAHO, by delivery in escrow, an amount equal to USD $8,200,000 (“Cash Payment”), which Cash Payment shall be used by LAHO for the repurchase of all of its shares of common stock from its common stockholders.
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