Tyme Technologies, Inc. (OTCMKTS:TYMI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On February 28, 2017, Tyme Technologies, Inc. (“we,” “our” or the “Company”), GEM Global Yield Fund LLC SCS (on behalf of it and its affiliates, collectively, “GEM”), and CKR Law LLP (“CKR”) entered into a Confidential Settlement and Release Agreement (the “Settlement Agreement”) with respect to, among other things, (a) our complaint filed on or about January 19, 2016 and amended on April 1, 2016 against GEM with the Commercial Division of the Supreme Court of New York, New York (the “Court”) captioned Tyme Technologies, Inc. v. GEM Global Yield Fund LLC SCS and CKR Law LLP, Index No. 650250/2016, (b) GEM’s counterclaims asserted against us on or about June 20, 2016 as set forth in CKR’s and GEM’s answer to the Company’s complaint and (c) a Registration Rights Agreement involving the Company and GEM (the “RRA”), a form of which was filed as Exhibit 10.9 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 11, 2015. In our complaint, we requested, among other things, that GEM return 3,500,000 shares to the Company that were held in escrow (the “Escrowed Shares”) to an escrow agreement executed on or about March 5, 2015 and amended on or about June 5, 2015, under which CKR was the escrow agent and held the Escrowed Shares. In its counterclaim, GEM alleged that it was damaged by at least $144,000,000.
to the Settlement Agreement, GEM directed CKR to surrender to the Company the Escrowed Shares. The Company is not obligated to pay any monetary damages to the Settlement Agreement. In addition to the foregoing, the Company and GEM have also agreed to waive and release any claims they may have against each other with respect to the subject matter of the complaint and counterclaim described above. On March 1, 2017, the Company received the Escrowed Shares. The Company and GEM also entered into a Stipulation of Discontinuance with Prejudice that was filed with the Court on March 2, 2017.
Item 1.02. Termination of a Material Definitive Agreement.
to the Settlement Agreement, the RRA was terminated. The information set forth above in Item 1.01 concerning the RRA and the Settlement Agreement is incorporated herein by reference.
About Tyme Technologies, Inc. (OTCMKTS:TYMI)
Tyme Technologies, Inc., formerly Global Group Enterprises Corp., conducts majority of its research and development activities and other business operations, through its subsidiary, Tyme Inc. (Tyme). Tyme is a clinical-stage biopharmaceutical company. Tyme is focused on the development and commercialization of highly targeted cancer therapeutics with a range of oncology indications. The Company’s another subsidiary, Luminant Biosciences, LLC, conducts the initial research and development of the Company’s therapeutic platform. The Company is formulating its regulatory and drug development program for its lead drug candidate, SM-88, and working towards the initiation of its Phase II clinical trial. The Company is also evaluating the expansion of its Phase II program to other types of cancer. The Company has not generated any revenue. Tyme Technologies, Inc. (OTCMKTS:TYMI) Recent Trading Information
Tyme Technologies, Inc. (OTCMKTS:TYMI) closed its last trading session down -0.05 at 2.90 with 1,000 shares trading hands.