itnewsonline.com 10 Jun, 2021 21:30 am

Cyber Apps (CYAP) Files Lawsuit Against EMA Financial LLC for Over $15 Million in Damages

strong Further to its news release dated May 3, 2021, Cyber Apps World Inc.(OTC PINK:CYAP) ("Cyber Apps" or the "Company"), an acquirer and developer of innovative cyber technologies with the potential for disruptive scalability and eventual spin-off success, announces that it has commenced legal action against EMA Financial, LLC's ("EMA") in Nevada District Court for breach of contract claims relating to a share purchase agreement and corresponding convertible promissory note.In March 2021, Cyber Apps attempted to prepay EMA's convertible promissory note for the premium stipulated in the note, but EMA, relying on a most favored nation clause, took the position that the payout amount was significantly higher than the amount that Cyber Apps believed was due.Cyber Apps' legal counsel put EMA on notice that the Company disputed the prepayment amount due pursuant to the note.

On April 6, 2021, EMA provided Cyber Apps and its transfer agent with a notice of conversion whereby it instructed the transfer agent to convert the entire principal amount of the note, plus interest, for 1,281,682 shares of the Company.Because the note contains a clause that allows EMA to cancel the conversion if the shares are not issued within one business day of the conversion notice, EMA canceled the conversion on April 8 following the decline in Cyber Apps' stock price.

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