Los Angeles, CA / ACCESSWIRE / Aug 18, 2014 / Ironridge Global IV, Ltd. successfully obtained a final order against IntelliCell BioSciences, Inc. (SVFC) from the Supreme Court of the State of New York. The court order requires IntelliCell to deliver all free-trading shares of common stock owed to Ironridge Global, in addition to full payment of all principal and interest owed under its Convertible Promissory Note. The court also ordered that Ironridge's first-priority security interest over all assets of Intellicell would continue under its Security Agreement until IntelliCell fully complied with the court's orders.
Ironridge Global had previously served a Notice of Foreclosure Sale on IntelliCell and its Chief Executive Officer, Dr. Steven Victor, for failing to timely pay its loan when due. The court in prior orders required IntelliCell to pay all principal and accrued interest owed to Ironridge. The court enforced compliance with those orders, by forcing delivery of a cashiers check to Ironridge Global.
In its most recent ruling, the court mandated that IntelliCell deliver free-trading shares of stock to Ironridge Global as mandated by the parties' agreement. The court enforced compliance with that order, by forcing delivery of a legend-free stock certificate to Ironridge. The court further required that Ironridge Global would remain completely protected by its security interest until IntelliCell fully complied with the order.
Lastly, the court held that the parties' agreement did not provide for the award of attorney fees, and on that basis declined to award fees. Ironridge will continue to fully live up to all of its obligations under the agreement.
About Ironridge Global
Ironridge Global IV, Ltd., a subsidiary of Ironridge Global Partners, LLC, is an institutional investor making direct equity investments in micro-cap public companies. Ironridge Global has completed over 60 transactions since 2011, ranging from under a quarter to $25 million each, for Nasdaq, NYSE MKT, OTCQB and Pink Sheets companies. For more information about Ironridge Global, please visit http://www.ironridgeglobal.com/.