Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
On January 4, 2024, the
Company initiated a lawsuit against Omnia Global a/k/a Omnia Schweiz GmbH, Daniel Hansen, Mette Abel Hansen, and James Mair Findlay (collectively,
“Omnia”) by filing a complaint in the U.S. District Court for the Southern District of New York, Case No. 1:24-cv-00048
alleging that Omnia had breached the Pre-Purchase Agreement by and between the Company and Omnia, dated as of May 12, 2023. The Company
and Omnia have agreed to an amicable resolution of the lawsuit on mutually acceptable terms and without admission of fault by any party.
On March 11, 2024, the Company settled an outstanding lawsuit against Omnia and the sponsor received the net lawsuit settlement amount
of $206,500 on behalf of the Company ($295,000 gross settlement less $88,500 legal fees incurred). As of September 30, 2024, all
payments due pursuant to the settlement have been made
Other than the above-mentioned
(and now settled) lawsuit against Omnia, there is no material litigation, arbitration or governmental proceeding currently pending against
us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject
to any such proceeding in the 12 months preceding the date of this Annual Report.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
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