Summary by Moomoo AI
RiskOn International, Inc., a Nevada corporation, filed a Form 8-K with the SEC on May 1, 2024, reporting significant corporate events. The company disclosed a Notice of Events of Default received from an investor regarding senior secured convertible notes issued on April 27, 2023, with a principal amount of $6,875,000. The default was due to the company's failure to list its common stock on an eligible market and to repay the notes at maturity. Despite the default notice, RiskOn International is in negotiations to settle its obligations. Additionally, the company announced the resignation of Milton C. Ault, III as CEO and Joseph M. Spaziano as COO, effective April 30, 2024. Both executives were appointed to new positions within the company, with Ault becoming the Executive Chairman and Spaziano the CEO. The changes in leadership were not due to any disagreements with company operations, policies, or practices. The report also detailed the company's acquisition of BitNile.com and the establishment of a bonus pool for AAI executives contingent upon BitNile.com achieving $100 million in revenue.