LEGAL PROCEEDINGS
−Removed: On February 8, 2023, Oasis Capital, LLC (“Oasis”)
−Removed: filed a lawsuit against the Company in the United States District Court for the Southern District of New York seeking damages (i) in the
−Removed: amount of $764,647.53 in for an alleged breach of the terms of the 8% senior convertible note and the securities purchase agreement entered
−Removed: into between Oasis and the Company in connection with the Note (as defined below), which in December 2021 was increased to $600,000 in
−Removed: principal amount (the “Note”) and (ii) an unspecified amount of damage for an alleged breach of the exclusivity provisions
−Removed: of a term sheet that the Company and Oasis entered into on July 7, 2022 plus an actual damages in an amount to be proven at trial, interest
−Removed: and costs, reasonable attorney’s fees and such other legal and equitable relief as the court deems just and proper.
−Removed: believes the lawsuit is without merit and is vigorously defending itself.
−Removed: know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has
−Removed: a material interest adverse to us.
+Added: February 8, 2023, Oasis Capital, LLC (“Oasis”) filed a complaint against the Company in the United States District Court
+Added: for the Southern District of New York seeking damages (i) in the amount of $764,647.53 in for an alleged breach of the terms of the 8%
+Added: senior convertible note and the securities purchase agreement entered into between Oasis and the Company in connection with the Note
+Added: (as defined below), which in December 2021 was increased to $600,000 in principal amount (the “Note”) and (ii) an unspecified
+Added: amount of damage for an alleged breach of the exclusivity provisions of a term sheet that the Company and Oasis entered into on July
+Added: 7, 2022 plus an actual damages in an amount to be proven at trial, interest and costs, reasonable attorney’s fees and such other
+Added: legal and equitable relief as the court deems just and proper.
+Added: On June 30, 2023, the United States District Court for the Southern District
+Added: of New York granted the Company’s motion to dismiss this complaint but with leave to amended complaint.
+Added: On July 31, Oasis filed
+Added: an amended complaint against the Company and its Chief Executive Officer, Mike Ballardie, seeking damages in an amount to be proven at
+Added: trial, interest and costs for breach of fiduciary duty and violations of Section 10(b) of the Securities and Exchange Act of 1934, as
+Added: amended, and Rule 10b-5 thereunder.
+Added: The Company believes the claims made in the amended complaint are without merit and the Company and
+Added: Mike Ballardie are vigorously defending itself.
+Added: for the Oasis lawsuit against Mike Ballardie, we know of no pending proceedings to which any director, member of senior management, or
+Added: affiliate is either a party adverse to us or has a material interest adverse to us.
of our executive officers or directors have (i) been involved in any bankruptcy proceedings within the last five years, (ii) been convicted
5 unchanged sentences
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.