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Replies to post #6676 on Genius Brands International Inc (GNUS)
06/18/20 11:47 AM
06/18/20 11:49 AM
On December 31, 2018, Andy Heyward, Chief Executive Officer and Director of Genius Brands International, Inc. (the “Company”), acquired the sole ownership of 620,401 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and 50 shares of the Company’s 0% Series A Convertible Preferred Stock (the “Preferred Stock”), currently convertible in 20,000 shares of Common Stock. Such purchases were made in connection with a divorce settlement agreement (the “Settlement Agreement”). The Settlement Agreement ascribed a purchase price of $2 million to the 620,401 shares of Common Stock and 50 Shares of Preferred Stock purchased, at a purchase price of $3.12 per share. Such shares represent 50 percent of the shares formerly jointly owned by Mr. Heyward and his former spouse. Pursuant to the Settlement Agreement, Mr. Heyward also acquired sole ownership of the other 50 percent of the shares formerly jointly owned.
