Whats really disheartening is that Sponge didnt waste no time demanding their 10 million once the shares where declared salable because the SEC approved the registration statement.
Apparently they wanted out, yet many here were always talking about what do these subs know that they would sell to NEOM so cheap. Apparently after being under NEOMs management for a few short months, they didnt like what they saw. In the case of Sponge anyhow. I expect its not to much different with the other subs, or an agreement on the guarantee would of been announce already, since NEOM has been negotiating for months now, to try to come up with an alternative. And I believe that any agreement that changes the initial terms of the acquisitions filed with the SEC would have to be filed with them as well. And to date we have seen no such modifications of the terms filed with the SEC, so I dont think the negotiations are going along as good as was mentioned. And now its no longer a possible liability, but as of the 10th and with Sponge out of the way, NEOM now has about another 25 million liability on the books, thats due now. Before when the stocks were non salable it was just a projected liability, and the date was sometime in february a year after the closings took place. Now its a reality if the subs want to push it.
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