Legal Proceedings
−Removed: Legal case with FT Global Litigation
−Removed: In January 2021, FT Global Capital, Inc.
−Removed: Global”), a former placement agent of the Company filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia.
+Added: case with FT Global Litigation
+Added: January 2021, FT Global Capital, Inc.
+Added: (“FT Global”), a former placement agent of the Company filed a lawsuit against the
+Added: Company in the Superior Court of Fulton County, Georgia.
FT Global served the complaint upon the Company in January 2021.
−Removed: In the complaint, FT Global alleges claims, most of which
−Removed: attempt to hold the Company liable under legal theories that relate back to an alleged breach of an exclusive placement agent agreement
−Removed: between FT Global and the Company in July 2020 which had a term of three months.
−Removed: FT Global claims that the Company failed to compensate
−Removed: FT Global for securities purchase transactions between December 2020 and April 2021, pursuant to the terms of the expired exclusive placement
−Removed: agent agreement.
−Removed: Allegedly, the exclusive placement agent agreement required the Company to pay FT Global for capital received during
−Removed: the term of the agreement and for the 12-month period following the termination of the agreement involving any investors that FT Global
−Removed: introduced and/or wall-crossed to the Company.
−Removed: However, the Company believes the securities purchase transactions at issue did not
−Removed: involve the one investor which FT Global introduced or wall-crossed to the Company during the term of the agreement.
−Removed: FT Global claims
−Removed: approximately $7,000,000 in damages and attorneys’
−Removed: The Company timely removed the case to the United
−Removed: States District Court for the Northern District of Georgia (the (“Court) on February 9, 2021 based on diversity of jurisdiction.
−Removed: On March 9, 2021, the Company filed a motion to dismiss based on FT Global’s failure to state a claim which is pending before the
−Removed: On March 23, 2021, FT Global filed its response to the Company’s motion to dismiss.
−Removed: FT Global argues that the Court
−Removed: should deny the Company’s motion to dismiss.
−Removed: However, if the Court is inclined to grant the Company’s motion to dismiss,
−Removed: FT Global requested that the Court permit it to file an amended complaint.
−Removed: On April 8, 2021, the parties filed a Joint Preliminary
−Removed: Report and Discovery Plan.
−Removed: On April 12, 2021, the Court approved the Joint Preliminary Report and Discovery Plan and issued a Scheduling
−Removed: Order placing this case on a six-month discovery tract.
−Removed: The Company will continue to vigorously defend the action against FT Global.
−Removed: Not applicable.
+Added: the complaint, FT Global alleges claims, most of which attempt to hold the Company liable under legal theories that relate back to an
+Added: alleged breach of an exclusive placement agent agreement between FT Global and the Company in July 2020 which had a term of three months.
+Added: FT Global claims that the Company failed to compensate FT Global for securities purchase transactions between December 2020 and April
+Added: 2021, pursuant to the terms of the expired exclusive placement agent agreement.
+Added: Allegedly, the exclusive placement agent agreement
+Added: required the Company to pay FT Global for capital received during the term of the agreement and for the 12-month period following the
+Added: termination of the agreement involving any investors that FT Global introduced and/or wall-crossed to the Company.
+Added: Company believes the securities purchase transactions at issue did not involve the one investor which FT Global introduced or wall-crossed
+Added: to the Company during the term of the agreement.
+Added: FT Global claims approximately $7,000,000 in damages and attorneys’ fees.
+Added: Company timely removed the case to the United States District Court for the Northern District of Georgia (the (“Court) on February
+Added: 9, 2021 based on diversity of jurisdiction.
+Added: On March 9, 2021, the Company filed a motion to dismiss based on FT Global’s
+Added: failure to state a claim which is pending before the Court.
+Added: On March 23, 2021, FT Global filed its response to the Company’s motion
+Added: FT Global argues that the Court should deny the Company’s motion to dismiss.
+Added: However, if the Court is inclined
+Added: to grant the Company’s motion to dismiss, FT Global requested that the Court permit it to file an amended complaint.
+Added: 8, 2021, the parties filed a Joint Preliminary Report and Discovery Plan.
+Added: On April 12, 2021, the Court approved the Joint Preliminary
+Added: Report and Discovery Plan and issued a Scheduling Order placing this case on a six-month discovery tract.
+Added: On April 30, 2021, the Company
+Added: served FT Global with its Initial Disclosures.
+Added: On May 6, 2021, FT Global served the Company with its Initial Disclosures.
+Added: On May 17, 2021, FT Global served the Company with its First Amended Initial Disclosures.
+Added: The Company will continue to vigorously
+Added: defend the action against FT Global.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.