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Iconic Labs PLC - UK-based media and technology business - Signs a settlement agreement with European High Growth Opportunities Securitization Fund with respect to claims made by the fund in connection with alleged breaches of various finance agreements between the two firms. Pursuant to the terms of the settlement agreement Iconic Labs says it has agreed to be bound by the agreements previously entered into with the fund, issue an additional 80 convertible notes - equivalent to GBP800,000 - together with an appropriate number of warrants under the terms of the finance agreements, and buy back any warrants where Iconic Labs has insufficient corporate authorities to issue shares.
In addition, Iconic Labs says it agreed to make some corporate governance changes, including the changes to the board, and to pursue various claims and actions against some former directors for loss or damage inflicted on the company.
"Settling these claims with EHGOF was an immediate priority for the board and me this week. We are pleased with the terms we have negotiated and look forward to continuing to work productively with EHGOF," said Chief Executive Brad Taylor.
Current stock price: 0.0087 pence, up 34% on Friday
Year-to-date change: down 13%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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