MRDB .55 time to exit again…announcing on February 16, 2024 that the third party made a non-binding proposal to the board of directors of the Issuer to acquire all of the issued, and to be issued, share capital of the Issuer at a value of $0.55 per share, in violation of Section 3.4 of that certain Forbearance Agreement, dated as of February 5, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the “Forbearance Agreement”) by and among, the Note Parties, the Holder, and RP Ventures LLC, in its capacity as Agent for the Holder (the “Specified Default”). The Specified Default is in addition to any other default or Events of Default that have occurred and are continuing, including, for the avoidance of doubt, the “Existing Defaults” identified on Exhibit A to the Forbearance Agreement (such events of default, together with the Specified Defaults, the “Existing Defaults”). The Note Parties shall continue to comply with all limitations, restrictions and prohibitions that are effective or otherwise applicable under the Note and the other Notes Documents during the continuance of the Existing Defaults.
