Nothing filed with SEC to date. Given its supposed to be lifted tomorrow on ASX, means something must happen overnight in the US.
There is/was supposed to be a shareholder meeting to vote on the US$5.5M Convertible Note to be issued to DynEvolve to repay the US$1M bridge loan. I see this as "a problem" - bolding is mine.
"Finally, upon approval by the Company’s stockholders, but not later than May 10, 2018 (the earlier of which date being the “Final Closing Date”), DynEvolve will purchase a secured promissory note convertible into 2,479,075,200 ordinary shares of the Company at a purchase price of $5,577,919 (the “Note Purchase”), which ordinary shares, upon conversion, will be promptly exchanged for 12,395,376 ADSs. On the Final Closing Date, the Company will repay the Bridge Loan with a portion of the proceeds of the Note Purchase and cancel the Initial Note."
So, that would mean SSN cannot repay the Bridge Loan (not to mention the MOB loan where forbearance has lapsed and MOB hasn't made their move yet - AFAIK).
SSN Price at posting:
0.2¢ Sentiment: None Disclosure: Held
