Immune Therapeutics, Inc. (CVE:ICO) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement Other Events
On December 7, 2016, Immune Therapeutics, Inc. (the Company)
received a notice via email from St. George Investments, LLC (St.
George) that the Company is in default of that certain promissory
note (the Note), dated May 5, 2016, between St. George and the
Company in the principal amount of $305,000. to the Note, the
Company was to pay all outstanding principal and interest by
November 6, 2016, which did not occur and triggered the event of
default.
As an effect of the default, interest under the Note was
increased to 25% per annum. In addition, St. George declared what
is defined as a Default Effect under the Note, the effect of
which was to increase the outstanding balance of the Note by 15%,
or $45,750. St. George may apply two more Default Effects for
Major Defaults, increasing the balance by 15%, and three more
Default Effects for Minor Defaults; Default Effects for Minor
Defaults increase the outstanding balance by 5%.
As a further effect of the default, St. George is entitled to
convert into common shares of the Company to the terms of the
Note at an unadjusted rate of $0.20 per share; however, the
Company is in the process of negotiating a standstill agreement
with St. George, whereby it is expected that St. George will
agree not to make any further conversions under the Note until
February 10, 2017, for which the Company intends to grant St.
George 650,000 shares of its common stock.
This current report contains forward-looking statements regarding
our intentions to effectuate a standstill agreement with St.
George. Forward-looking statements are not guarantees, and they
involve risks, uncertainties and assumptions. Although we make
such statements based on assumptions that we believe to be
reasonable, there can be no assurance that actual results will
not differ materially from those expressed in the forward-looking
statements. We caution investors not to rely unduly on any
forward-looking statements. We expressly disclaim any obligation
to update any forward-looking statement in the event it later
turns out to be inaccurate, whether as a result of new
information, future events or otherwise.
About Immune Therapeutics, Inc. (CVE:ICO)
iCo Therapeutics Inc. (iCo) is a Canada-based biotechnology company principally focused on the identification, development and commercialization of drug candidates to treat sight-and life-threatening diseases. The Company principally focuses on in-licensing drug candidates with a clinical history, and re-dose, reformulate and develop drug candidates for the treatment of sight-and life-threatening diseases. The Company’s product candidates include iCo-007, iCo-008 and an Oral AmpB Delivery System. The Company has initiated Phase II clinical trial for iCo-007. iCo-008 is a human monoclonal antibody that is offered to treat sight threatening forms of allergic conjunctivitis by neutralizing eotaxin-1, a ligand to the chemokine receptor CCR3. Oral AmpB Delivery System is a toxic option for the treatment of serious systemic fungal infections. The Company has completed pre-clinical studies for iCo’s Oral AmpB Delivery System. Immune Therapeutics, Inc. (CVE:ICO) Recent Trading Information
Immune Therapeutics, Inc. (CVE:ICO) closed its last trading session up +0.0050 at 0.0650 with 561,000 shares trading hands.
