You do Remember... Levin is a 5 Million Dollar Toxic SPCL holder?
The Purchase Note is due and payable on March 31, 2019. Unless converted into Company Common Stock a total of $6,000,000 principal amount (inclusive of an original issue discount) will be due and payable on such maturity date. The Purchase Note is convertible by the holder at a conversion price equal to the lower of (i) One Cent ($0.01) per share or 70% (30% discount) of the average of the 3 lowest reported sale prices for the Common Stock for the 10 Trading Days immediately prior to the Issuance Date or (ii) 70% (30% discount) of the average of the 3 lowest reported sale prices for the 10 Trading Days immediately prior to the Conversion Date.
The Purchase Note provides that it cannot be converted if the effect would cause the holder to own more than 4.99% of the outstanding Company Common Stock; provided that such provision may be waived by the holder of the Purchase Note, at its or their election, upon not less than 61 days’ prior notice to the Company; provided, that such “blocker” provisions of the Purchase Note shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver.
The Warrant entitles the holder to purchase up to 500,000,000 shares of Company Common Stock at an exercise price equal to $0.01 per share, or a total of $5,000,000 upon full exercise of the Warrant. The Warrant contains “cashless exercise” provisions and full rachet anti-dilution adjustments.
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