I doubt if my analysis is wrong since it is the same thing that XTI is saying. XERI also mentioned "run out the clock" like this should last indefinitely. Just what did XERI do after Dec 2021 to complete the terms of the term sheet that was extended to Aug 31 2023. Did XERI run out the clock on the merger by not taking the steps agreed to in the term sheet????? What part of any agreement prohibited XTI working out a back up plan to get to NASDAQ in case XERI couldn't deliver. If anybody acted in BAD FAITH to string this out it has been XERI from the start of the JV that they couldn't properly finance. Did NONE of these requirements of the term sheet before its expiration. Started a lawsuit so XTI couldn't take advantage of the arbitration clause.
Term sheet
"Xeriant will use commercially reasonable efforts to, prior to or concurrently with Closing, complete a public offering of its capital stock with net proceeds of not less than $10 million (the “Public Offering”)."
B. The completion of the Public Offering;
C. The completion of reverse stock split of the Xeriant Common Stock at a ratio in a range and with a total reduced number of shares issued and outstanding: (i) sufficient to ensure that NASDAQ initial minimum bid price requirements will be satisfied, and (ii) otherwise as mutually acceptable to the Parties (the “Reverse Stock Split”), if necessary;
D. The approval for listing of the Xeriant Common Stock, including the Shares, on the NASDAQ Stock Market; and
E. Other customary conditions such as the absence of any injunction prohibiting the Transaction, the truth of all representations and warranties, compliance with covenants and absence of any material adverse event.
Exhibit E
"Unfortunately, it has come to the attention of Xeriant that XTI has decided not to comply with their obligations under the Agreement. On May 25, 2023, you emailed Xeriant’s CEO stating that XTI is completing the business combination with Inpixon yet denying that Xeriant is owed any compensation because the Agreement had allegedly expired. Our position is that the Agreement remains in full force and effect. It is clear that XTI has acted in bad faith to cut Xeriant out of the Inpixon transaction covered by the Agreement. In addition, we understand that XTI entered into one or more financial transactions with Inpixon, which would also trigger Xeriant’s right to compensation, and the reallocation of the Auctus Loan. Any deliberate attempt by XTI to have “run out the clock” and complete the transaction after XTI believes that the Agreement allegedly expired, puts XTI in breach of their duty of good faith and fair dealing towards Xeriant.."
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