Replies to post #23333 on Xeriant Inc (XERI)

[quester614]

It's justifiable to say XERI is in default since the last 8-K states exactly the date at which this DEFAULT happens. On March 15 due to failure to uplist or complete merger with XTI will cause a DEFAULT. There has been no 8-K update to change these conditions that are known at this time. Now almost 5 weeks past this dated and NOTHING from Duffy to say any ongoing negotiation are still in progress.


ARTICLE III. EVENTS OF DEFAULT Issue Date: October 27, 2021

Actual Amount of Purchase Price: $5,142,500.00



It shall be considered an event of default if any of the following events listed in this Article III (each, an “Event of Default”) shall occur:

3.19 Failure to Uplist. If, at any time on or after the date that is eight (8) calendar months after the Issue Date, the Company’s Common Stock ceases to be listed for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, or any other national securities exchange (or any successors to any of the foregoing).

3.20 Failure to Acquire XTI. The Company fails to acquire 100% of the equity interests of XTI on or before the date that is eight (8) calendar months after the Issue Date.

https://www.sec.gov/Archives/edgar/data/1481504/000147793221007820/xeri_ex41.htm

The reference to “November 1, 2022” in Section 3.19 is hereby replaced with “March 15, 2023.”

The reference to “eight (8) calendar months after the Issue Date” in Section 3.20 is hereby replaced with “March 15, 2023.”

YOU HAVE BEEN WARNED
TIC TOC