Radiko Holdings Corp.: Radiko Announces LVV Shareholders' Decision to Cease Operations and Proceed With Winding-Up
Radiko Holdings (CSE:
Company") announced today that La Vida Verde, Inc. ("
LVV"), a company operating in California in which it has a 51% interest, has provided the Company with notices that: (a) the LVV shareholders have filed the stipulated judgment and claimed the approximately 16% of the shares of LVV that had been pledged by the Company as security for payment of additional capital commitment made by the Company pursuant to a settlement agreement dated April 21, 2020 (the "
Settlement Agreement"), as disclosed in the Company's press release dated April 22, 2020; and (b) the shareholders of LVV, excluding the Company, have resolved to sell all the assets of LVV, liquidate its inventory and equipment, assign its related party leases and terminate all its employees and initiate proceedings for the winding-up and dissolution of LVV.