Scepter Commodities, LLC entered into a non-binding letter of intent to acquire 80% stake in mPhase Technologies, Inc.
January 09, 2018
Share
Scepter Commodities, LLC entered into a non-binding letter of intent to acquire 80% stake in mPhase Technologies, Inc. (OTCPK:XDSL) on December 28, 2017. mPhase Technologies will undertake a reverse split of its shares and will eliminate all liabilities except for up to $3.5 million. All the officers and employees of mPhase Technologies shall resign from all current capacities. The transaction is subject to negotiation and execution of a definitive acquisition agreement, approval of management and Board of Directors and/or holders of the majority of shares of voting common stock of mPhase Technologies, approval by relevant state and Federal securities laws as well as to the completion of full legal and financial due diligence. As of February 15, 2018, Scepter Commodities and mPhase Technologies entered into amendment no. 1 to the letter of intent extending the time frame for mPhase Technologies to become current in its SEC filings until March 29, 2018. As of April 3, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until April 30, 2018. As of April 27, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until May 31, 2018. As of May 30, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until June 15, 2018. As of June 21, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until July 15, 2018. mPhase Technologies became current in its SEC filings on July 9, 2018.
mPhase Technologies, Inc. is a global climate technology company. The Companyâs primary business is concentrated on the development and commercialization of software as a service platform offering that relies on mobile devices to promote sustainability. Its MyPebble platform offers a suite of cloud-based mobility and consumer engagement services that incentivize consumers for purchases and lifestyle choices. The MyPebble platform combines patented Wi-Fi anonymous-onboarding technology, artificial intelligence (AI), location-awareness, tokenization, game mechanics, electric vehicle (EV) -charger geofencing, a sustainable marketplace, and an expanding network of applications. The Company targets both business customers and consumers via a subscription model. The MyPebble experience is tailored to each individualâs tastes and needs, creating customizable sales opportunities for retailers, along with a scalable platform to benefit from the evolution to EV-centric travel and commerce.