The Registration Statement on Form S-1A Filed on November 30th

The Registration Statement on Form S-1A Filed on November 30th

There’s been some confusion regarding our recent filing of the S-1A registering the shares underlying the Equity Line of Credit (ELOC) with Bellridge Capital. The ELOC operates according to drawdown notices submitted by CoolTech.  We control the timing. We direct Bellridge to buy at the applicable purchase price.

Bellridge has no call right. It has no power to convert on its own. And there is no obligation for us to even use the ELOC. The obligation resides solely with Bellridge to issue funds when we provide a drawdown notice.

Therefore, the recent amendment of the ELOC stock purchase agreement removing the threshold /conversion floor of $0.06 per share has no impact.

If and when we use the ELOC, it will be when the stock is at a price that makes financial sense for us to issue a drawdown notice. We have no interest in diluting shares without benefitting the company nor enabling anyone to drive the price of our stock down.

Our relationship with BellRidge is fantastic.  They’ve been great to work with, are very supportive and even came to our demonstration in St. Louis.  Like all of us, they want to see the MG in the market and driving revenues as soon as possible.

2017-12-05T16:57:37+00:00