RE: SYME - Final Delay Before BURU $100mil Shelf Fund Goes Live11 Jun 2025 07:38
"2) In order for the Company to be able to issue the new ordinary shares under the New On-Demand Facility, approvals will be required from the shareholders of the Company, the Financial Conduct Authority (the "FCA") and The Panel on Takeovers and Mergers (together the "Approvals"). The Amendment has amended the date by which the Approvals must be obtained by the Company from 30 September 2025 to 31 March 2026. If the Approvals are not obtained by 31 March 2026, BURU can demand repayment in cash, and the Company is required to provide security over the intellectual property rights and receivables related to its Italian subsidiary entities in favour of BURU.
3) Interest will accrue daily at the federal funds rate set out by the Federal Open Market Committee of the US Federal Reserve from time to time plus 10%. Under the Amendment, the interest is no longer payable quarterly in arrears in cash, but any interest accrued and outstanding at the date of any conversion notice issued by BURU (subject to the Approvals having been obtained) will be the added to the amount in the conversion notice"
Meaning AZ doesn't pay AZ and more dilution which could get to the point buru out holds existing shareholders, and just takes the company.
Great new way to screw us over