Summary by Moomoo AI
LQR House has entered into a securities purchase agreement with activist investor David Lazar for a $3 million investment at $0.55 per share. The funding will be distributed in two tranches: an initial $606,000 for 1.1 million shares on October 16, 2024, followed by $2.394 million subject to shareholder approval. The deal includes warrants to purchase 10.9 million shares at $0.55 per share.The company has appointed David Lazar as President and Board member, along with Avraham Ben-Tzvi as a new independent director. Lazar, age 34, brings extensive experience in corporate restructuring and has previously served as CEO for several NASDAQ-listed companies. The Board also announced the resignation of Jay Dhaliwal as director.The investment proceeds will be used for general corporate purposes, focusing on reducing operating expenses and exploring strategic alternatives. The company has also entered into settlement agreements with various stakeholders, including directors, officers, employees, and contractors, to settle outstanding liabilities totaling $7.495 million. The final closing requires stockholder approval, which must be obtained through meetings scheduled before December 16, 2024.
