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     113  0 Kommentare The Coretec Group Resolves Closing Conditions to the Definitive Share Exchange Transaction with Core Optics

    ANN ARBOR, Mich., June 18, 2024 (GLOBE NEWSWIRE) -- The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles (EVs), cleantech, and emerging tech applications, today announced that the Company has resolved key closing conditions for the transaction with Core Optics, LLC, and that the transaction continues to progress.

    On June 17, 2024, The Coretec Group entered into an agreement with Armistice Capital, LLC to repurchase all outstanding warrants held by Armistice at closing of the share exchange. The warrant agreement between Armistice and The Coretec Group, which was entered into on March 2, 2021, contained certain conditions that would be triggered upon a fundamental transaction such as the pending share exchange agreement. The warrant repurchase agreement now satisfies these conditions.

    The Coretec Group also settled another key closing condition regarding the Company’s outstanding Series A Preferred Stock that were issued over ten years ago. An agreement has been made with the majority holders of the preferred stock so that all outstanding Series A Preferred Stock will now be converted to shares at closing of the share exchange. As a result, the Series A Preferred Stock will be eliminated entirely, simultaneous to the closing of the share exchange agreement.

    Core Optics, LLC continues to complete audit requirements and is working with TAAD LLP, a PCAOB registered firm to conduct the 2023 fiscal year audit as well as quarterly financial review. Since the signing of the share exchange agreement, Core Optics’ revenue continues to rapidly increase, as does its backlog of orders from the automotive market, exemplifying the Company’s market opportunity with Endurion. Korea is a leading country in battery manufacturing and technology. The Core Optics management team has close ties with battery manufacturers and will leverage these relationships to accelerate Endurion’s commercialization.

    “Everyone involved in this transaction has been working diligently to close the deal, which we believe represents the best interests of both companies as well as their investors,” said Matthew Kappers, Chief Executive Officer of The Coretec Group. “Resolving these closing conditions is a major step in the process toward closing, and greatly improves our cap table. This sets the foundation for the combined company to excel forward.”

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    The Coretec Group Resolves Closing Conditions to the Definitive Share Exchange Transaction with Core Optics ANN ARBOR, Mich., June 18, 2024 (GLOBE NEWSWIRE) - The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles (EVs), cleantech, and emerging tech …