Jun. 18 at 10:24 PM
$GMGI GMGI's toxic financing deal with Lind included TWO instruments—(1) a
$12M convertible note and (2) a 750,000-share warrant exercisable at
$4, expiring 2029. 2/ On April 28, 2025, GMGI announced it had voluntarily prepaid the remaining
$7.2M balance of the note. GMGI highlighted this in filings and public releases. 3/ But the Warrant, the other half of the deal—was NOT cancelled. There is no language in any filing to suggest it was voided, or surrendered. 4/ This makes sense legally: the convertible note is a loan. The warrant is a long-term right to purchase stock. The debt can be repaid. The warrant remains active until acted upon or cancelled. 5/ So the toxic structure is STILL in place. The ratchet clause can still drop the strike price to
$2.25. And it's still transferable. The damage continues. 6/ If the deal is closed, why wasn’t the warrant retired? Why no comment? Because it still holds value to someone. That’s why we need transparency. Shareholders deserve to know
