Factom27 Aug 2020 17:33
FastForward Innovations Ltd is pleased to announce that the revised Chapter 11 Plan of Reorganization for investee company Factom, Inc. ('Factom'), which allows for FastForward's US$6 million SAFE note be converted to equity in Factom, has been approved by the United States Bankruptcy Court for the District of Delaware and shareholders of Factom. As a result, FastForward expects the conversion of the SAFE note will occur in the coming days and following this, the Company will hold 6,311,330 shares in Factom, representing 30.39% of the issued share capital.
Whilst the Company's interest in Factom has been written down to zero as announced on 14 April 2020, today's announcement forms part of continuing action by the Company to recover value for Shareholders from its investment in Factom. Further updates will follow in due course.
As announced on 30 July 2020, a provisional agreement ('the Agreement') was reached with Factom which proposed that FastForward's US$6 million SAFE note be converted to equity by the issue of 5,911,330 new shares in Factom. The Chapter 11 Plan of Reorganization was amended by Factom to reflect the Agreement and lodged with the Court on 30 July 2020. Following the confirmation hearing, the revised plan has now been approved by the United States Bankruptcy Court for the District of Delaware and shareholders of Factom.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.