Post by
Gulag2011 on May 18, 2024 1:54pm
Stock is on life support Pull the plug & give last rights
In light of the Company’s financial condition as of the May 7 Board Meeting, and the restrictions imposed on the Board pursuant to the intended interim orders (the “Interim Orders”) of the Court made in connection with legal proceedings disclosed in the Company’s May 3, 2024 press release, the Board determined at its May 7, 2024 meeting to seek approval of the Court to pursue funding options as an activity that might be characterized as outside of the ordinary course of business. A Court appearance respecting such matter was held today and the Court authorized the Company to explore funding options, provided that any proposed steps arising from the exercise will be subject to Board and Court approval. There is no assurance that new funding will be available to the Company, on reasonable terms or at all. In the absence of new funding, the Company may not be able to continue as a going concern.
Earlier this week, the Company collected certain account receivables early and used a portion thereof to pay the final outstanding invoice of its auditor and other outstanding amounts due to its employees and consultants. Subject to the work of the Court-ordered inspector and any further determinations of the Court, the Company will continue to make every effort to be in a position to make the Required Filings on or prior to June 28, 2024.