Item 8.01 Other Events.
On
To redeem the preferred shares, we would issue to TN3 unregistered common shares equal to 10% of the outstanding common stock of NovAccess. Currently, 10% of the company's outstanding stock equals 1,455,170 shares. Pursuant to their terms, the preferred shares are convertible into 250,000,000 shares of common stock.
In addition to issuing common stock to TN3, we would pay TN3 a total of
Upon completion of the redemption, there would be no shares of NovAccess
preferred stock outstanding. However, we are in discussions with our chief
executive officer
The proposed redemption of the preferred stock is subject to various conditions,
including the parties reaching a definitive agreement, and we cannot guaranty
when or if the redemption will be completed. If we reach a definitive agreement
with
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