Business
Imaging3, Inc. Update - Imaging3 Reaches a Settlement with Alpha Capital Anstalt and Brio Capital Master Fund
Imaging3, Inc. Update - Imaging3 Reaches a Settlement with Alpha Capital Anstalt and Brio Capital Master Fund.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nEncino, CA, April 17, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“Imaging3” or the “Company”), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is updating its prior announcement regarding the execution of a non-binding letter of intent (“LOI”) to be acquired in a reverse acquisition (the “Acquisition”) by Grapefruit Boulevard Investments, Inc. (“GBI”), a privately held Los Angeles based cannabis company.\n On Monday, April 15, Imaging3, Alpha Capital Anstalt (“Alpha”) and Brio Capital Master Fund (“Brio”) agreed to terms settling the outstanding judgment against the Company, issued by the United States District Court for the Southern District of New York (the “Court”) on July 27, 2018 (the “Agreement”). The Court awarded Alpha $804,770.08 and Brio $669,805.43, respectively. Under the terms of the Agreement, the Company will pay $100,000 cash to both Alpha and Brio at the time of the closing of the Acquisition. The balance of the judgments will be converted to IGNG restricted common shares at the conversion price of $0.164 per share, translating to 4,191,070 (four million, one hundred, ninety thousand, and seventy) Shares of IGNG’s common stock to Alpha and 3,514,628 (three million, five hundred fourteen thousand, six hundred and twenty) Shares to Brio. Further, Alpha and Brio, with the full and complete cooperation of IGNG, shall promptly commence an action against IGNG in the Superior Court of the State of California (the “Settlement Court”) seeking the Settlement Court’s approval of this Agreement pursuant to Section 3(a)(10) of the Securities Act of 1933 which will, essentially, allow IGNG to reissue the above shares to Alpha and Brio without restriction after Court approval. IGNG management believes this cooperative proceeding will be completed by mid-July, 2019. John Hollister, CEO of Imaging3, stated, “We are very pleased to have settled the long running Alpha/Brio dispute on favorable terms to both the Company and Alpha and Brio. It is very satisfying to have Alpha and Brio move from creditors to investors. Furthermore, resolving this outstanding judgment is critical for completion of the Acquisition....