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Replies to post #57420 on Good Gaming Inc (GMER)
TheFinalCD
12/16/18 10:03 AM
#57455 RE: X-ray07 #57420
On September 21, 2018, the Company entered into a modification agreement with RedDiamond Partners, Inc. (“RedDiamond”) relating to the remaining shares of Series D preferred stock held by RedDiamond. Pursuant to such agreement, the previous defaults under the Certificate of Designation relating to the Series D Preferred Stock were waived and accordingly the default provisions are not in effect anymore which would have allowed RedDiamond to convert at the default rate and instead will convert at a 25% discount to the average of the five lowest trading days out of the 20 days’ prior to conversion which was the original discount provided for in the agreement. The Company agreed to redeem 46.531 of the remaining 93.062 shares over the next 3 months and cancel such shares without conversion. RedDiamond also agreed to certain sale prohibitions which limit the amount of shares that they can sell in any month for the next three months.
Company under its NEW leadership is doing what they say they will do...