This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Proteonomix Settles Litigation

PARAMUS, N.J., April 1, 2013 /PRNewswire/ --  Proteonomix, Inc. (OTC: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, today announced that it has settled investor litigation upon the following terms and conditions:

1)  The Company will pay to the Investors, a group of ten funds, $200,000, the first $50,000 in cash due and payable today, with the remaining $150,000 to be paid through the issuance of common stock. That stock will total 300,000 shares and will be released in 50,000 shares traunches commencing today and equal traunches will be released every five trading days until the 300,000 share total is released.  All shares issued pursuant to this Agreement will be free trading.

2)  If the liquidation of the above mentioned shares does not equal $150,000, then the Company may either execute a sixty day note for the balance, or issue additional shares until the $150,000 sum has been reached.

3)  If the above mentioned shares are not delivered in a timely fashion then the Investors shall be entitled to 125% of the assumed value of the shares as liquidated damages.

4)  441 shares of Series E Preferred Stock held by the Investors will be converted into 358,537 free trading common stock at the conversion price of $1.23.

5)  An additional 1,540 shares of free trading stock will be issued to one investor to rectify a prior issuance error.

6)  A swap of 151,647 free trading shares will be made with four investors holding restricted shares.

7)  The Company shall issue new Series A and Series B Warrants to the investors.  The only changes to these warrants are the exercise price and term. All of these warrants shall have a five year term and are exercisable at $0.75 an $1.50, respectively. Upon issuance of these new warrants, the old Series A and Series B Warrants are null and void.

8)  The existing Series C Warrants become null and void.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,958.96 +39.37 0.23%
S&P 500 1,983.47 +1.87 0.09%
NASDAQ 4,524.1640 -3.35 -0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs