Business
Grapefruit/IGNG Announces Filing Amendment No. 1 to Registration Statement.
Grapefruit/IGNG Announces Filing Amendment No. 1 to Registration Statement..
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n Los Angeles & Desert Hot Springs, California, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc., (“GBI”) a licensed and fully compliant California based cannabis distribution and manufacturing company and a wholly owned subsidiary of Imaging3, Inc., a Delaware corporation (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing today that it filed Amendment No. 1 to its Registration Statement on Form S-1 originally filed on July 28, 2019. The Registration Statement covers shares to be issued to its institutional investor, Auctus Fund, LLC. (“Auctus”) of Boston, MA in connection with conversions of Convertible Notes (the “Notes”) issued to Auctus at 95% of Market and upon exercise of callable cash exercise only Warrants issued by the Company to Auctus. If all of the Notes are issued and the Warrants called, Grapefruit will have received $10,000,000.00 of gross proceeds from the transactions. With respect to Grapefruit’s filing, Bradley J. Yourist, Grapefruit’s CEO, stated, “We are very pleased to file the Amendment which puts us back on track to complete the Auctus transaction. Pursuant to the terms of our Agreements with Auctus, immediately upon effectiveness of the Registration Statement, which we believe should occur in late February of 2020 we will receive a new Convertible Note Tranche of $750,000.00 from Auctus and 90 days later a final Convertible Note Tranche of $1,000,000.00. These funds are key to our revenue growth in 2020. In addition as our common stock price increases in the future, we will be able to call warrants to bring in additional working capital. We are currently focused on ramping up revenues to justify an increased stock price which will afford us the opportunity to call the Warrants. We are also in the process of evaluating other capital raising possibilities. We feel we have regained our momentum which was temporarily slowed by the delay in the Grapefruit Boulevard Investment audit and look forward to 2020 and the myriad possibilities the future holds for Grapefruit.” About GRAPEFRUIT Grapefruit is a wholly owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to bo...