More toxic funding today. REAC is an utter garbage shell. 4 reverse splits.
On October 2, 2017 (the “Closing Date”), REAC Group, Inc. (the “Company”) entered into a Securities Purchase Agreement (“SPA”) with an institutional accredited investor (“Investor”) pursuant to which Investor invested $53,000 (the “Financing”). On the Closing Date, the Company issued to Investor a Convertible Promissory Note (the “Note”) in the principal amount of $53,000. There is no material relationship between the Company or its affiliates and the Investor and the Company paid no commissions or other placement agent fees.
The SPA and the Note are collectively referred to herein as the “Transaction Documents.”
The Note matures 10 months after the Closing Date and is convertible into shares of the Company’s common stock at a conversion price equal to 61% of the lowest trading price per share during the previous fifteen (15) trading days. The Company may prepay the Note within 30 days by payment to Investor of 115% of the outstanding principal, interest and other amounts then due under the Note. The prepayment amount increases by 5% for each subsequent 30 day period, up to 180 days where the Company may prepay the Note by payment to Investor of 140% of the outstanding principal, interest and other amounts then due under the Note. After 180 days, the Company will have no right of prepayment.
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