Item 8.01 Other Events.
As previously announced on a Current Report on Form 8-K on
The terms of the Series A Preferred Stock provide that to the extent that any dividends payable on the Series A Preferred Stock are not paid, such unpaid dividends are accrued. If the Company fails to pay 18 monthly dividends (whether or not consecutive) on the Series A Preferred Stock, the size of the Company's Board will be increased by one member and the holders of the Series A Preferred Stock, voting separately as a class, will have the right to vote to fill the vacancy created thereby until the Company pays all accrued but unpaid dividends, at which time such right is terminated.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact contained in this Report are forward-looking
statements, including statements regarding the Company's potential loan
restructuring. While the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such forward-looking
statements, which are based on information available to the Company on the date
of this Report. These forward-looking statements are subject to various risks
and uncertainties, including without limitation those set forth in the Company's
filings with the
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