GABY Forfeits The Shares It Holds In MPS In Exchange For Release Of $22.5M Debt
Portfolio Pulse from Vuk Zdinjak
GABY Inc. has forfeited its shares in Miramar Professional Services (MPS) in exchange for the release of a $22.5M debt. The company had defaulted on its obligations under a promissory note for $22.5M, secured by a first priority security interest in the collateral, which included all outstanding shares of MPS. The company will consider the feasibility of continuing to operate its CBD business under the Lulu's and 2Rise brands.
July 14, 2023 | 1:41 pm
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GABY Inc. has forfeited its shares in MPS in exchange for the release of a $22.5M debt. This could potentially impact the company's financial stability and future operations.
The forfeiture of shares in MPS by GABY Inc. in exchange for the release of a $22.5M debt indicates financial instability. This could potentially impact the company's stock price negatively in the short term as it reflects a lack of liquidity and potential operational difficulties.
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