Kartoon Studios, Inc. (NYSE American:TOON), a Nevada-based motion picture and video tape production company, has entered into an amendment to a securities purchase agreement with a certain investor, as per a recent filing with the U.S. Securities and Exchange Commission.
On Monday, the company, formerly known as Genius Brands International (NYSE:TOON), Inc., reported that it had modified the terms of its December 16, 2024, agreement. The amendment, dated January 15, 2025, includes several key extensions. Firstly, it pushes the deadline for holding a stockholder meeting to the date of its annual meeting, which must occur by May 14, 2025. This meeting is expected to address matters related to the original purchase agreement.
Additionally, the amendment extends the period during which the company and its subsidiaries are prohibited from issuing any shares of common stock or common stock equivalents, or from filing any new registration statements, until May 31, 2025. It also extends the same deadline for the company to refrain from engaging in any Variable Rate Transactions, which are defined within the original purchase agreement.
The information for this article was obtained from a recent 8-K filing with the Securities and Exchange Commission.
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