The Company announces money infusion, board and management modifications and cancellation of Series A Most well-liked Inventory
IRVINE, CA / ACCESSWIRE / January 25, 2021 / Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”) right now introduced that the Enterprise took concrete ways in direction of achieving the 3 major initiatives for 2021 summarized in the shareholder letter the Company recently posted. Essential steps incorporated the pursuing:
- Amendment to the Company’s present Convertible Notes (“Existing Notes”) extending the because of dates to December 31, 2021 in return for issuance of warrants expiring in June 2026 to order 5,000,000 shares of the Company’s popular inventory at an exercise price of $.01 per share
- The Company has agreed to sign-up the resale of the popular stock underlying the warrants
- Execution of a Securities Invest in Settlement for the sale and issuance of $3,500,000 million of new Convertible Notes (“New Notes”) with a mounted conversion price of $.175 for every share of popular inventory and warrants (the “Warrants”) expiring in June 2026 to obtain shares of the Company’s typical stock
- Comprised of 15,000,000 “A Warrants” with an exercising rate of $.01 per share and 15,000,000 “B Warrants” with an work out price tag of $.2284 for every share
- Common inventory fundamental the New Notes and the Warrants (the “Underlying Shares”) are issue to a 1-calendar year lock-up, issue to certain exceptions
- The Corporation has agreed to sign up the resale of the Underlying Shares
- Execution of separation agreements with Derek Peterson and Mike Nahass, pursuant to which they agreed to phase down from their operating positions and as members of the Company’s Board of Administrators
- Mr. Nahass agreed to the cancellation of his Collection A Most well-liked Stock although retirement in trade for a payment of income and notes, payable around one particular year
- Mr. Peterson agreed to the cancellation of his Sequence A Preferred Stock while its conversion into shares of popular stock and warrants to acquire common stock, expiring in June 2026, which are subject to a one particular-12 months lock-up with registration legal rights, identical to the Warrants explained over
Just about every of the transactions explained over is expected to close on or about January 25, 2021.
The modification of the Current Notes and sale of the New Notes will deliver Terra Tech with increased money flexibility, enabling the Business to fund operations until eventually it starts monetizing prior asset profits and investments. As a end result of all those asset product sales and investments, Terra Tech expects to get roughly $18 million in excess of around 12 months, setting up in April 2021. Further more, Terra Tech retains an expense in Hydrofarm stock, which it can start off to monetize in early June 2021. With the cash from our most recent raise and the proceeds from the asset revenue and investments, the Firm can aim on rebuilding its operations, expanding its running foundation and expanding its revenues.
As part of the modification to the Present Notes, execution of the Securities Obtain Arrangement for the sale of New Notes, and the cancellation of the Collection A Preferred Stock, Mike Nahass and Derek Peterson will phase down from all working and board positions at Terra Tech. The Enterprise believes that the cancellation of the Sequence A Chosen Stock, collectively with the alterations in the administration group and Board of Administrators, will enable the Company to work far more effectively, execute on its advancement options, and increase corporate governance.
Terra Tech’s CEO, Frank Knuettel II, mentioned, “Derek and Mike’s eyesight for the Firm and the foundation they established will be really important in 2021 and further than, but equally Mr. Nahass and Mr. Peterson established that now was the correct time to carry in new administration and board members.”
Mr. Knuettel II continued, “I have a wonderful deal of respect for Mike and Derek and the get the job done they have accomplished to established Terra Tech up for potential results. We enjoy the assistance they have shown Uri Kenig, our new COO, and me as we transition into our administration roles. The self esteem they have exhibited in turning over Terra Tech to our stewardship and the knowledge they have displayed in being aware of it is the ideal time is sizeable. I would also like to take the possibility to thank our buyers. We recognize the assistance they have given us with respect to our small business system as we intention to improve via acquisitions and organic and natural expansion as described in our lately printed shareholder letter.”
This press release shall not represent an provide to provide or the solicitation of an present to purchase securities, nor shall there be any sale of the Company’s securities in any point out or other jurisdiction in which these kinds of an provide, solicitation or sale would be illegal prior to registration or qualification under the securities legislation of any these kinds of point out or jurisdiction.
About Terra Tech
Terra Tech is a holding business with a portfolio of investments targeted on hashish assets in the THC market place and the investigation, growth, and commercialization of cannabinoid-primarily based merchandise. Backed by modern science and greatest-in-class production, the Company’s mission is to deliver leading-tier cannabis and cannabinoid-dependent products and solutions with a target on its main cannabis business.
Cautionary Language Concerning Ahead-Searching Statements
Selected statements contained in this interaction about issues that are not historic info, are ahead-wanting statements within just the that means of Segment 21E of the Securities and Exchange Act of 1934, as amended, and the Personal Securities Litigation Reform Act of 1995, recognized as the PSLRA. These include things like statements relating to management’s intentions, plans, beliefs, anticipations, or forecasts for the potential, and, consequently, you are cautioned not to position undue reliance on them. No forward-on the lookout assertion can be assured, and actual outcomes may well vary materially from those people projected. Terra Tech undertakes no obligation to publicly update any forward-hunting assertion, regardless of whether as a final result of new details, potential functions or otherwise, other than to the extent needed by regulation. We use words and phrases this kind of as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and identical expressions to identify these forward-looking statements that are meant to be covered by the risk-free-harbor provisions of the PSLRA. These ahead-hunting statements are based mostly on our anticipations and include challenges and uncertainties consequently, true results might differ materially from people expressed or implied in the statements owing to a selection of variables.
New factors arise from time to time and it is not attainable for us to forecast all such factors, nor can we evaluate the impact of just about every this kind of aspect on the business or the extent to which any variable, or mix of components, may perhaps result in genuine outcomes to vary materially from these contained in any forward-hunting statements. These hazards, as very well as other pitfalls affiliated with the combination, will be extra fully talked over in our experiences with the SEC. More pitfalls and uncertainties are identified and discussed in the “Risk Factors” portion of Terra Tech’s Annual Report on Variety 10-K, Quarterly Studies on Form 10-Q and other paperwork submitted from time to time with the SEC. Ahead-on the lookout statements incorporated in this release are based on data readily available to Terra Tech as of the date of this launch. Terra Tech undertakes no obligation to update these types of forward-on the lookout statements to mirror situations or circumstances following the day of this launch.
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Source: Terra Tech Corp.
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