Nov. 13 at 2:54 PM
$CETY did anyone get this voting right?
Clean Energy Technologies (CETY) received written consent from holders of approximately 52.8% of its common stock to approve two securities purchase agreements with Mast Hill Fund, L.P. and the related issuances required under NASDAQ Listing Rules 5635(b) and 5635(d). The approval becomes effective 20 calendar days after this information statement is mailed.
Under the agreements, CETY issued junior secured convertible notes with principal amounts of
$335,000 and
$388,888, alongside 50,000 and 150,000 shares of common stock, for aggregate purchase prices of
$301,500 and
$350,000, respectively. Net funding to the company was
$296,500 and
$341,500 after legal fees. Each note matures 12 months from issuance, accrues 10% annual interest, and may convert at the lesser of
$2.50 per share or 90% of the lowest dollar volume-weighted average price over the five trading days before conversion, subject to a 4.99% beneficial ownership limit.
