As previously reported, due to the financial condition of Echo Therapeutics, Inc. (the “Company”), the Company was unable to make payment on $1,787,000 of the 10% senior secured convertible notes of the Company due on January 28, 2017 (the “January Notes”). An additional $3,361,620 in principal amount of 10% senior secured convertible notes of the Company matures on May 3, 2017 (the “May Notes” and together with the January Notes, the “Notes”). The Company has been engaged in prolonged discussions to obtain new financing and obtain appropriate forbearance and/or waivers from the investors holding Notes. To date, the Company has been unsuccessful in raising financing and, while the Investors have not taken any action against the Company, the Company has not yet received any formal forbearance and/or waiver from the Investors.
The Company has been forced to reduce its staff down to one employee, Alan Schoenbart, the Company’s Chief Executive and Chief Financial Officer, who has been working without pay. Further, the Company has been unable to pay rent at its corporate and research facilities, which will more than likely result shortly in eviction proceedings. Additionally, the Company’s patents are at risk. While the Company continues to pursue financing, there can be no assurance that it will be able to do so on acceptable terms or at all, which may result in foreclosure upon the assets of the Company by the Investors.
Thanks for the tip, I did some research and found more information about $ECTE on http://yugestocks.com/?s=ECTE Day trading investing. Clarke's third law: any sufficiently advanced technology is indistinguishable from magic.
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X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks May-2016 1,000 Day Parameter 2,830 NASDAQ Stocks Price Analysis This stock mode of correlation coefficient is -0.8 In other words, the correlation coefficient of the other stoc
Did anyone else see $ECTE report from http://monstastocks.com/?s=ECTE ? It had some interesting information. Maire's law (in the u.s. Investing day trading.
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Has anyone received any class action info on this pig??
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Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
As previously reported, on January 29, 2016, Echo Therapeutics, Inc. (the “Company”) issued $1,787,000 principal amount of 10% senior secured convertible notes of the Company (the “Notes”) to certain institutional and other accredited investors (the “Investors”). The Company’s obligation to repay amounts due under the Notes is secured by a security interest and lien on substantially all of the assets of the Company. The principal amount of the Notes plus $38,086 of accrued but unpaid interest was due and payable on January 28, 2017. Due to the financial condition of the Company, the Company was unable to make payment. As a result, the interest rate on the Notes increased from 10% to 15%. The Company is attempting to negotiate a resolution with the Investors to obtain appropriate forbearance and/or waivers in order to allow the Company additional time to consummate one or more financings sufficient to capitalize the Company. There can be no assurance that the Company will be successful in obtaining such forbearance and/or waivers or consummating any financing. Failure to obtain such forbearance and/or waivers and consummate an acceptable financing may result in the Company’s inability to continue as a going concern and could lead to foreclosure upon the Company’s assets by the collateral agent for the Investors.
So....does Echo have a chance?
Isn't there a Court date set for today? Major shareholder trying to wrestle away control of compant?
So it's a good thing that management prevailed? What's left after management gives up trade secrets?
NEW YORK Platinum Partners hedge fund founder Mark Nordlicht and four others with ties to the New York City-based hedge fund were charged Monday in a $1 billion securities fraud indictment, one of the largest alleged scams since Bernard Madoff's noto