Publicly traded holding firm providing shareholders with access to investment opportunities in small and medium-sized businesses, Limitless Venture Group Inc (OTCMKTS:LVGI), on September 9, 2022, announced that effective September 6, 2022, both Leonite Capital LLC and LVGI have agreed on modifying terms for LVGI’s Senior Secured Convertible Promissory Note issued to Leonite on August 13, 2020.
Trading Data
On Friday, LVGI stock fell 5.77% to $0.0061with more than 70K shares, compared to volume of 1.49 million shares. The stock moved within a range of $0.0061 – 0.0061 after opening trade at $0.0061.
Limitless Venture Group, Inc. Announces New Limits on Terms of its Senior Secured Convertible Promissory Note
Amendment, which LVGI posted on OTC markets puts the Note in a renewable two-month forbearance period. During this time, Leonite is limited to daily sales of LVGI shares, which are not greater than $4,125 or 10% of LVGI’s daily trading volume. Leonite’s conversion of Note is fixed at $0.0055 per share.
Joseph Francella, LVGI CEO said that the firm is delighted on informing shareholders about the senior debt financing. The CEO added that the company is implementing the e-commerce business plans both for Rokin and Limitless Technology Group, which will lead to operating cash flows.
Devon Diaz, COO said that the company is excited about launching the e-commerce venture, even as the firm is days away from store opening. Diaz added that the company is looking to the program for providing revenues as well as feedback on the growing industry. Diaz added that the company created a fully owned subsidiary of LVGI called Limitless Technology Group, LLC (LTG)
Founded in 2016 with the mission of providing customers with high-quality and technology-driven vaping products, Rokin Vapes are rigorously tested by different consumer groups for ensuring they meet strict quality standards.
Key Quote
Commenting on the updated Note terms, Joseph Francella, LVGI CEO, stated “We are pleased to give our shareholders transparency regarding our senior debt financing. We are executing our e-commerce business plans for Limitless Technology Group, LLC and Rokin Inc. that we envision will produce operating cash flows to service our Note principal and interest payment obligations. By agreeing to a trading volume limit and a fixed conversion price, we enable debt reduction with clear limits on the number of new shares we issue.”
