POSITIVEID CORPORATION (OTCMKTS:PSID) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On February 6, 2017, PositiveID Corporation (the Company) entered
into a waiver of cross-default (the Agreement) with lenders who
hold 96% of the Companys outstanding convertible debt (the
Lenders). Under the terms of the Agreement, the Lenders have
agreed to waive their rights or remedies to demand repayment of
their loans or any other remedy from the Company, related to
notice(s) of default received by the Company. Except as expressly
provided in the Agreement, the loans will continue unchanged and
in full force and effect, and all rights, powers, and remedies of
the Lenders thereunder and under applicable law are reserved.
The foregoing description of the terms of the Agreement does not
purport to be complete and is qualified in its entirety by the
complete text of the document attached as Exhibit 10.1 to this
Current Report on Form 8-K.
Item 2.04 Triggering Events that Accelerate or Increase a
Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Transaction
On or about February 6, 2017, the Company received notice from a
holder and was told verbally that a second holder intended to
send a notice (the Notifying Holders) of convertible redeemable
promissory notes with an aggregate face value of approximately
$120,000 (the Notes), that certain events of default had
occurred. This debt comprises approximately 2% of the Companys
outstanding convertible debt. The notice received to date
asserts, and the Company expects that the notice that will
shortly be sent will assert, that the Company is in default under
the terms of the Notes because the Company failed to tender
conversion shares to the Notifying Holders within three business
days of notices of conversion, and failed to reserve the amount
of shares required if the Notes would be fully converted (the
Events of Default). As a result of the potential Events of
Default, interest on the Notes increases and additional penalties
may accrue. The Company is in ongoing discussions with the
Notifying Holders regarding a resolution of the matter.
Item 9.01 Financial Statements and Exhibits
| Exhibit Number | Description | |
| 10.1 | Form of Waiver of Cross Default, dated February 6, 2017 |
About POSITIVEID CORPORATION (OTCMKTS:PSID)
PositiveID Corporation, formerly VeriChip Corporation, is a life sciences and technology company focused on the healthcare and homeland security markets. The Company operates through three segments: Molecular Diagnostics, Medical Devices and Mobile Labs. It develops molecular diagnostic systems for medical testing and bio-threat detection. Its Microfluidic Bio-agent Autonomous Networked Detector system is an airborne bio-threat detection system developed for the homeland defense industry to detect biological weapons of mass destruction. It is developing Firefly Dx, an automated pathogen detection system for diagnostics, both for clinical and point-of-need applications. Through its contractual control of Thermomedics, Inc., it markets and sells the Caregiver product for clinical use. Its subsidiary, E-N-G Mobile Systems, Inc., operates in specialty technology vehicle market, with a focus on mobile laboratories, command and communications applications, and mobile cellular systems. POSITIVEID CORPORATION (OTCMKTS:PSID) Recent Trading Information
POSITIVEID CORPORATION (OTCMKTS:PSID) closed its last trading session 00.00000 at 0.00050 with 380,437 shares trading hands.
