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LONG BLOCKCHAIN CORP

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LONG BLOCKCHAIN CORP. : Termination of a Material Definitive Agreement (form 8-K)

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09/14/2018 | 05:04pm EDT

Item 1.02 Termination of a Material Definitive Agreement.

Long Blockchain Corp. (the "Company") previously announced that it had entered into a sale and purchase agreement (the "Agreement") with the shareholders ("Shareholders") of Hashcove Limited ("Hashcove"), pursuant to which the Company would purchase the entire issued share capital of Hashcove in exchange for issuing shares of the Company's common stock to the Shareholders. The Agreement also provided that Kunal Nandwani, Hashcove's Chief Executive Officer, would become an executive officer and director of the Company.

On September 14, 2018, the Company and the Shareholders entered into a letter agreement pursuant to which the parties mutually terminated the Agreement effective as of September 14, 2018. The Company and Shareholders agreed to release each other from certain claims and liabilities arising out of or relating to the Agreement or the transactions contemplated therein or thereby. Each party also agreed to bear its own costs, fees, and expenses in connection with the Agreement, the transactions contemplated thereby, and the termination thereof. Confidentiality obligations of both the Company and the Shareholders survive termination of the Agreement.

The foregoing description of the Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Agreement, which was filed as an exhibit to the Company's Current Report on Form 8-K filed on March 20, 2018, and which is incorporated herein by reference.

© Edgar Online, source Glimpses

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Managers
NameTitle
Andrew Shape Chairman & Chief Executive Officer
Thomas J. Cardella Independent Director
William C. Hayde Independent Director
John C. Carson Director
Hans Peter Dydensborg Vice President-Market Development & Sales
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