Business
Grapefruit Boulevard Investments, Inc. Shareholders Close Their Reverse Acquistion of Imaging 3, Inc (“IGNG”) and $10,000,000 Debt and Equity Financing by Auctus Fund, LLC.
Grapefruit Boulevard Investments, Inc. Shareholders Close Their Reverse Acquistion of Imaging 3, Inc (“IGNG”) and $10,000,000 Debt and Equity Financing by Auctus Fund, LLC..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nGrapefruit to Accelerate its Plan to Rapidly Grow its Cannabis and CBD Business\n Burbank, CA, June 03, 2019 (GLOBE NEWSWIRE) --   (OTCQB:IGNG) Grapefruit Boulevard Investments, Inc. (‘GBI” or “Grapefruit”) a formerly privately held Los Angeles based cannabis company today announces that by virtue of the approval of the IGNG board of directors on Friday May 31, 2019, it has successfully completed its reverse acquisition (the “Acquisition”) of Imaging3, Inc. (“IGNG”) and simultaneously closed on its $10,000,000.00 debt and equity investment from Boston, MA based Auctus Fund, LLC (“Auctus”) (the “Investment”). Plans for the Acquisition were first announced in a press release made with the joint approval of IGNG and Grapefruit on March 13, 2019. Over the ensuing 81 days management of both companies in full mutual cooperation have, among other achievements, successfully negotiated the terms of the Acquisition and negotiated the terms of the Investment.    John Hollister, Imaging3 CEO stated, “We are thrilled to have successfully completed the process of being acquired by Grapefruit.  During the nearly three months of working together, it has become abundantly clear that Grapefruit is poised for a great future. We believe that, as a result of the completion of the Acquisition and Investment, IGNG’s shareholders have a much  larger value appreciation opportunity with lower risk than existed prior to IGNG’s association with Grapefruit, given the potential of the expanding cannabis market and  Grapefruit’s strong cannabis market potential.” Under the terms of the Share Exchange Agreement by and between IGNG and Grapefruit documenting the terms of the Acquisition (the “SEA”), IGNG will issue to Grapefruit’s existing shareholders that number of newly issued restricted IGNG common shares such that the former Grapefruit shareholders (now new IGNG shareholders) will own approximately 81% of the post- Acquisition shares and the current IGNG shareholders will retain 19% of the post-Acquisition IGNG shares. At the time of the execution of the SEA, IGNG had approximately eighty-five million (85,000,000) outstanding shares of common stock. Therefore IGNG will shortly, after the closing of the Acqu...