Company: IPSI
Filing Date: 2025-01-28
Form Type: 8-K
Source: 0001376474-25-000117
Chunk: 2

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-01-28
Form: 8-K
Item: Item 1.01
Chunk 2
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, (iii) cooperation in the preparation of the registration statement on Form S-4 (as may be amended or supplemented from time to time, the “ Registration Statement”) which IPSI is expected to file with the U. S. Securities and Exchange Commission (“SEC”) in connection with the Merger and the Transactions, (iv) use of reasonable best efforts to obtain regulatory approvals, (v) notification of the other party of certain breaches, (vi) Section 16 matters, (vii) indemnification of directors and officers and tail insurance and (viii) obtaining all requisite approvals of each party’s respective stockholders. Additionally, Business Warrior has agreed not to solicit or enter into a competing alternative transaction (an “Alternative Transactions”), subject to the fiduciary duties of the board of directors Business Warrior, in accordance with customary terms and provisions set forth in the Merger Agreement.

The parties agreed to take all necessary actions to cause IPSI’s board of directors immediately after Closing to consist of five directors, including: (i) two persons who are designated by IPSI prior to Closing, (ii) two persons who are designated by Business Warrior prior to Closing and (iii) one person mutually agreed upon by IPSI and Business Warrior.

Conditions to Consummation of the Merger; Convertible Note Exchange

Each party’s obligation to consummate the Merger is conditioned upon, among other things: (i) approval by IPSI stockholders of the amendment to its certificate of incorporation (“ IPSI Stockholder Approval”), (ii) approval by Business Warrior stockholders of the Merger and related transactions and matters (“Business Warrior Stockholder Approval”), (iii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and all other requisite regulatory approval, (iv) the absence of any applicable law or order that makes illegal, or prohibits or prevents, the Transactions and (v) the Registration Statement having become effective in accordance with the provisions of the Securities Act of 1933, as amended (“Securities Act”).

In addition, each party’s obligation to consummate the Merger is conditioned upon the following agreements being in full force and effect: (i) exchange agreements, to be entered into by and among IPSI, Business Warrior and each holder of the outstanding convertible notes of IPSI (the “ IPSI Exchange Agreements”), pursuant to which each outstanding convertible note of IPSI will be exchanged for shares of newly-issued shares of