Progressive Care to settle with 2 investors
Progressive Care (OTCQB:RXMD) reached an agreement to settle its demand against two investors, Chicago Venture Partners (CVP) and Iliad Research and Trading.
Under the settlement agreement, CVP agreed to pay the company $175K. Upon receipt of payment, the securities purchase agreement between the company and CVP will be terminated.
Iliad agreed not to sell any common shares of the company or submit any redemption notices as long as no default occurs under the Iliad Note. The company also has the right to request, on a weekly basis, a document sufficient to show the number of shares held by Iliad.
The company has the right to prepay the Iliad Note for an amount in cash equal to 105% of the portion of the outstanding balance elected to be prepaid.
The two parties also extended the maturity date of the Iliad Note to April 15, 2022.
The balance of the Iliad Note decreased in the amount of $180K, effective May 31, 2021. If the Note is not repaid by February 16, 2022, the outstanding balance of the Note will increase in the amount of $100K.
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