Mr. Andrew Squires reports
SOPERIOR FERTILIZER RECEIVES NOTICE OF DEFAULT FROM LIND
On June 29, 2023, Soperior Fertilizer Corp. received a notice of default from Lind Asset Management VII LLC, a fund managed by The Lind Partners LLC, with respect to its convertible security financing agreement dated Dec. 16, 2016, as amended. Lind's default notice is requesting that the company pay the principal and interest due and outstanding under the CSFA.
The company has until July 10, 2023, to repay the balance, after which time Lind has the right to take all actions and remedies provided for in the security instruments, which include foreclosing on its lien of the property and assets of the company.
The company's proposed joint-venture partner has informed Soperior that it is committed to remedying the default notice by July 10, 2023.
The company has no present ability to satisfy the principal and interest due and outstanding under the CSFA, and there is no guarantee that the JV partner will be able to remedy the default notice by the deadline or at all.
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