Stevia Corp. Settles $1,250,000 Principal Amount of a Toxic Senior Convertible Debenture with Institutional Investor for Restricted Stock
NEW YORK, NY / ACCESSWIRE / August 17, 2021 / Stevia Corp. (OTC PINK:STEV) (‘Stevia Corp’ or the ‘Company’), a farm management company and healthcare company focused on the commercial development of products that support a healthy lifestyle announced today that it has settled $1,250,000 principal amount of a toxic senior convertible debenture for 37,500,000 restricted shares. The company has estimated that the principal amount, unpaid interest and late fees that was owed to the institutional investor was in excess of $3,000,000. The settlement document contains no adjustments or typical true-up terms, and the settlement is firm pursuant to the issuance of 37,500,000 restricted shares.
The company also announced that it has settled a debenture in the principal amount of $150,000 for 2,500,000 restricted shares. The settlement document contains no adjustments or typical true-up terms, and the settlement is firm pursuant to the issuance of 2,500,000 restricted shares.
The company also announced that it has settled a promissory note in the principal amount of $100,000 for 1,500,000 restricted shares. The settlement document contains no adjustments or typical true-up terms, and the settlement is firm pursuant to the issuance of 1,500,000 restricted shares.
Stevia Corp. has two other debt documents that were entered into by the company more than 6 years ago. One convertible promissory note, dated March 15, 2013 was in the principal amount of $220,436.36. The note was convertible into common stock at 25 cents per share. The company has attempted to reach the institutional note holder which doesn’t appear to be in business. As a result, and because of the time elapsed between the current date and the maturity of the convertible promissory note, the company will be seeking a legal opinion which if issued, will allow it to write off the entire note and unpaid interest from the balance sheet. The company believes the legal opinion will be issued.
Finally, the company was a signatory to a convertible debenture dated February 7, 2014 in the principal amount of $80,000. The debenture was convertible into common stock at significantly higher prices than the current stock price of Stevia Corp. as of the closing price on August 16, 2021. Because of the time elapsed between the current date and the maturity date of the convertible debenture, the company will be seeking a legal opinion which if issued, will allow it to write off the entire note from the balance sheet due to the expiration of the statute of limitations. Pursuant to conversations that the company has had with the debenture holder’s counsel, the holder of the debenture appears to dispute that the statute of limitations has expired on the $80,000 debenture.
Kenneth Maciora, Chairman and President of Stevia Corp said, “I would personally like to thank the institutional investor for working with our company to settle the debt. I believe they saw our vision. I would also like to thank the other 2 debt holders for being cooperative so that the company can move forward virtually debt free to execute the business plan. We are highly confident that we will be able to receive a legal opinion to write off the convertible promissory note in the original principal amount of $220,436.36.”
Maciora added, “This is a great day in the history of Stevia Corp. as the company remains hyper-focused on increasing shareholder value.”
Maciora concluded, “Removing toxic debt was an integral part of our initial plan. As a veteran of the financial services industry with decades of experience, I know the burden that debt which converts into equity at variable prices can have on a small public company. We are thrilled to be able to deliver this news to shareholders!!”
About Stevia Corp.
Stevia Corp. is a farm management company and healthcare company focused on developing highly nutritional, high value products through proprietary plant breeding, excellent agricultural methodologies and innovative post-harvest techniques. Stevia Corp was founded on the principal of implementing socially responsible, sustainable, quality agribusiness solutions to maximize the long-term efficient production of nutritional crops.
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SOURCE: Stevia Corp.Stevia Corp.