Company: IPSI
Filing Date: 2025-01-28
Form Type: 8-K
Source: 0001376474-25-000117
Chunk: 4

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-01-28
Form: 8-K
Item: Item 1.01
Chunk 4
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 the Termination Date shall be automatically extended to the nine-month anniversary of the Merger Agreement if the conditions to closing, other than receipt of IPSI Stockholder Approval and Business Warrior Stockholder Approval, effectiveness of the Registration Statement and that the IPSI Exchange Agreements and Business Warrior Exchange Agreements are in full force and effect, have been satisfied.

The Merger Agreement may also be terminated under certain other customary and limited circumstances at any time prior the Closing, including, among other reasons (i) by mutual written consent of IPSI and Business Warrior, (ii) by written notice by either IPSI or Business Warrior if a governmental authority of competent jurisdiction shall have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Merger, and such order or other action has become final and non-appealable, (iii) by written notice by Business Warrior of IPSI’s or Merger Sub’s uncured breach of a representation, warranty, or covenant contained in the Merger Agreement that would cause the related condition to closing to not be satisfied, (iv) by written notice by IPSI of Business Warrior’s uncured breach of a representation, warranty, or covenant contained in the Merger Agreement that would cause the related Closing condition to not be satisfied or a material breach of a Business Warrior Voting and Support Agreement, (v) by either IPSI or Business Warrior if Business Warrior holds its stockholder meeting to approve the Merger Agreement and the Merger, and Business Warrior Stockholder Approval is not obtained, (vi) by IPSI if Business Warrior’s board of directors has failed to recommend or shall have withdrawn, amended or modified in any respect materially adverse to IPSI its recommendation of the Merger Agreement or shall have recommended another proposal for an Alternative Transaction or accepted a Superior Proposal (as defined in the Merger Agreement) and (vii) by Business Warrior if, prior to receipt of Business Warrior Stockholder Approval, Business Warrior accepts a Superior Proposal, subject to the terms and conditions of the Merger Agreement.

Governing Law

The Merger Agreement is governed by the laws of the State of New York and the parties are subject to the jurisdiction of any New York state court or any federal court sitting in the State of New York in any action arising out of or relating to the Merger Agreement.

Certain Agreements Related to the Merger Agreement

Business Warrior Voting and Support Agreements

In connection with the execution of the Merger Agreement, on July 29, 2024, certain stock