Generex Biotechnology Responds to Demand for Payment
GENEREX BIOTECHNOLOGY (GNBT)
US:NASDAQ Investor Relations:
generex.com/investor
Company Research
Source: GlobeNewswire
- Challenges notice from Alpha Capital MIRAMAR, FL, Feb. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex Biotechnology Corporation (www.generex.com) (OTCQB: GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) provided a response to the demand for payment from Alpha Capital Anstalt. As reported in our 8-K filed on January 31, 2019, Generex (GNBT) received a demand, on January 25, 2019, from Alpha Capital for immediate repayment of Generex’s Note Due October 26, 2019 (“Note”), coupled with an intent to sue Generex if payment was not made. Although Generex has not defaulted in any payment, Alpha Capital called a default under the Note based on terms stating that Generex must up-list to the NASDAQ market within a specified time. If litigation ensues, Generex intends to assert affirmative defenses that Alpha took aggressive actions to intentionally harm Generex as the company executed on it plan to up-list to NASDAQ, intentionally frustrating key elements necessary for th
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