MoneyOnMobile, Inc. (OTCMKTS:MOMT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement.
MOM, LLC (Hall MOM) released respective to a settlement agreement
and release (Hall Settlement Agreement) dated March 1, 2017. to
the Hall Settlement Agreement, the Company agreed to pay Hall MOM
$3,000,000, plus interest and attorneys fees (collectively, the
Settlement Payment). The parties agreed to structure the
Settlement Payment as follows: (i) $70,000 in settlement of Hall
MOMs legal fees payable immediately; (ii) $500,000 payable on or
before March 15, 2017; (iii) $500,000 payable on or before March
31, 2017; and (iv) $2,000,000 payable in the form of a promissory
note in principal amount equal to $2,000,000 (the Hall Note).
$1,000,000 to Hall MOM.
payments equal to at least $50,000 beginning on April 3, 2017.
All unpaid principal and interest under the Hall Note becomes due
and payable on its maturity date, December 31, 2017. Interest
accrues on the Hall Note at 10% per annum on its outstanding
balance through June 30, 2017 and 15% per annum thereafter. Upon
full payment of all amounts due under the Hall Settlement
Agreement, Hall MOM will transfer to the Company the 450,379
shares of DPPL, the Companys majority owned subsidiary, owned by
Hall MOM and a stipulation of dismissal may be filed by the
Company or Hall MOM to stipulate to the dismissal and release of
all claims under the previously disclosed and described action
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which, among other things, include the failure to make any of the
Settlement Payments or breach of any obligations under the Hall
Note. In the event of such default and expiration of any
applicable cure period, Hall MOM will be entitled to file,
without any further dispute, an agreed final judgment (the
Judgment) against the Company with the Dallas County courts.
Agreement, the Hall Note and the Judgment does not purport to be
complete and is subject to, and qualified in its entirety by
reference to the Hall Settlement Agreement, the Hall Note and the
Judgment, which are filed herewith as Exhibit 99.1, Exhibit 99.2,
and Exhibit 99.3, and are incorporated herein by reference.
part of this Current Report on Form 8-K.
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Exhibit No.
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Description
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99.1
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Settlement Agreement and Release
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99.2
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Promissory Note issued to Hall MOM, LLC
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99.3
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Agreed Final Judgment
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About MoneyOnMobile, Inc. (OTCMKTS:MOMT)
MoneyOnMobile, Inc., formerly Calpian, Inc., is an early-stage company. The Company operates through the MoneyOnMobile segment, which is a mobile wallet service used to pay for goods and services from a mobile phone and to make other financial transactions. MoneyOnMobile allows consumers, to deposit funds into their mobile wallet or to perform a financial transaction through its agent network of approximately 313,541 retail locations as of April 30, 2016. Consumers use their mobile phones to make certain routine payments for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. MoneyOnMobile offers electronic wallet services (M-wallet), similar to carrying a prepaid debit card, however using the consumer’s mobile phone. MoneyOnMobile has a multi-lingual application. By using this application, customers, through its agent network, can pay for goods and services and send money anytime and anywhere. MoneyOnMobile, Inc. (OTCMKTS:MOMT) Recent Trading Information
MoneyOnMobile, Inc. (OTCMKTS:MOMT) closed its last trading session down -0.015 at 0.460 with 69,890 shares trading hands.