Legal Proceedings.
−Removed: We are not currently a party to any pending or
−Removed: threatened legal proceedings other than the arbitration proceeding described below.
+Added: We are not currently a party
+Added: to any pending or threatened legal proceedings other than the arbitration proceeding described below.
On April 12, 2024, Noble Capital Markets, Inc.
−Removed: filed a Demand for Arbitration against us in JAMS, claiming that we breached the anti-dilution provision in the parties’ advisory
−Removed: agreement by not issuing to Noble an additional 474,134 shares of our common stock.
−Removed: Although we deny that Noble is entitled to any such
−Removed: shares, out of an abundance of caution, we will reserve for issuance 474,134 shares of our common stock until final disposition of the
−Removed: On June 7, 2024, there will be a hearing before a single emergency appointed arbitrator on Noble’s request for preliminary
−Removed: injunctive relief.
−Removed: Thereafter, the parties will proceed with their selection of a three-arbitrator panel as agreed to in the advisory
−Removed: See also Note 6 to our financial statements contained
−Removed: in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
+Added: filed a Demand for Arbitration
+Added: against us in JAMS, claiming that we breached the anti-dilution provision in the parties’ advisory agreement by not issuing to Noble
+Added: an additional 474,134 shares of our common stock and that we owe $243,000 in damages for breach of the tail provision in the parties’
+Added: placement agent agreement.
+Added: Noble’s claim of breach of the placement agent agreement was dismissed because the arbitration provision
+Added: in the parties’ advisory agreement did not apply to disputes related to the placement agent agreement.
+Added: On July 2, 2024, the arbitrator
+Added: denied Noble’s request for emergency relief on its claim for breach of the parties’ advisory agreement.
+Added: Although we deny that
+Added: Noble is entitled to any shares of our common stock or any monetary damages, to avoid the time and expense of further arbitration, we
+Added: are actively engaged in settlement negotiations with Noble to resolve all disputes between us.
+Added: See also Note 6 to our financial
+Added: statements contained in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
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.