Item 2.04 Triggering Events that Accelerate or Increase A Direct Financial Obligation or an Off-Balance Sheet Arrangement.
SCOLR Pharma, Inc., a Delaware corporation (the “Company”), ceased its business operations on March 1, 2013. The cessation of operations may constitute an event of default under the Company’s outstanding 8% Senior Secured Convertible Debentures due June, 2013. The Company has $2,545,200 principal amount outstanding under the debentures.
The Debentures are secured by all the Company’s assets pursuant to a Security Agreement dated June 16, 2011 among the Company and CSC Trust Company of Delaware as collateral agent (the “ Security Agreement ”). Upon certain events of default, the holders of the Debentures may be entitled to accelerate the Company’s obligations under the Debentures and exercise available remedies under the Security Agreement.
Following an event of default, interest on the Debentures accrues at a rate of 18% per annum.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the cessation of its operations described in Item 2.04 above, the Company terminated its remaining employees, including its Chief Executive Officer, Stephen J. Turner, effective March 1, 2013.
SCLR .005 nice close! Up almost 300% and closed at HOD! New Active SOS! HOY .13 with NO REVERSE SPLITS. There is only a 64k cap,49m o/s ~ SCLR is waaaaay! oversold! HUGE BOUNCE commencing!!!
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