The Coretec Group Resolves Closing Conditions to the Definitive Share Exchange Transaction with Core Optics
June 18 2024 - 10:28AM
The Coretec Group Resolves Closing Conditions to the Definitive
Share Exchange Transaction with Core Optics
The Coretec Group (OTCQB: CRTG), developers of silicon anode active
materials for lithium-ion batteries and cyclohexasilane (CHS) for
electric vehicles (EVs), cleantech, and emerging tech applications,
today announced that the Company has resolved key closing
conditions for the transaction with Core Optics, LLC, and that the
transaction continues to progress.
On June 17, 2024, The Coretec Group entered into an agreement
with Armistice Capital, LLC to repurchase all outstanding warrants
held by Armistice at closing of the share exchange. The warrant
agreement between Armistice and The Coretec Group, which was
entered into on March 2, 2021, contained certain conditions that
would be triggered upon a fundamental transaction such as the
pending share exchange agreement. The warrant repurchase agreement
now satisfies these conditions.
The Coretec Group also settled another key closing condition
regarding the Company’s outstanding Series A Preferred Stock that
were issued over ten years ago. An agreement has been made with the
majority holders of the preferred stock so that all outstanding
Series A Preferred Stock will now be converted to shares at closing
of the share exchange. As a result, the Series A Preferred Stock
will be eliminated entirely, simultaneous to the closing of the
share exchange agreement.
Core Optics, LLC continues to complete audit requirements and is
working with TAAD LLP, a PCAOB registered firm to conduct the 2023
fiscal year audit as well as quarterly financial review. Since
the signing of the share exchange agreement, Core Optics’ revenue
continues to rapidly increase, as does its backlog of orders from
the automotive market, exemplifying the Company’s market
opportunity with Endurion. Korea is a leading country in battery
manufacturing and technology. The Core Optics management team has
close ties with battery manufacturers and will leverage these
relationships to accelerate Endurion’s commercialization.
“Everyone involved in this transaction has been working
diligently to close the deal, which we believe represents the best
interests of both companies as well as their investors,” said
Matthew Kappers, Chief Executive Officer of The Coretec Group.
“Resolving these closing conditions is a major step in the process
toward closing, and greatly improves our cap table. This sets the
foundation for the combined company to excel forward.”
About The Coretec Group
The Coretec Group, Inc. is an Ann Arbor, Michigan-based
developer of engineered silicon and is using its expertise to
develop silicon anodes for lithium-ion batteries that will charge
faster and last longer. This program is called Endurion. Silicon
has the theoretical ability to hold up to 10x the amount of
lithium-ions as compared to traditional graphite. Through its
proprietary micron and nanoparticle approach, Endurion is loading
silicon into the battery anode. A modest increase in silicon will
be a game changer that will revolutionize the EV market as well as
other energy storage applications.
Additionally, the Company is using its engineered silicon to
develop a portfolio of other energy-focused products, including
solid-state lighting (LEDs), semiconductors, and printable
electronics. Coretec continues to develop CSpace, its 3D volumetric
display technology with a wide array of applications including
medical imaging, automotive, and others.
For more information, please visit thecoretecgroup.com.
About Core Optics
Core Optics LLC, a Virginia limited liability company, runs its
operations through its Korean subsidiary, Core Optics Co., Ltd.
Core Optics Co., Ltd. was established in 2023 after acquiring a
compact camera module testing equipment product line. It is
renowned for its involvement in a high-value enterprise centered
around the production and distribution of inspection equipment
tailored for compact camera modules (CCM) used in smartphones and
automobiles.
For more information, please visit
https://www.coreoptics.us/.
Follow The Coretec Group on
X – @CoretecGroupIncLinkedIn –
www.linkedin.com/company/24789881YouTube –
www.youtube.com/channel/UC1IA9C6PoPd1G4M7B9QiZPQ/featured
Forward-Looking Statements
The statements in this press release that relate to The Coretec
Group’s expectations with regard to the future impact on the
Company’s results from operations are forward-looking statements
and may involve risks and uncertainties, some of which are beyond
our control. Such risks and uncertainties are described in greater
detail in our filings with the U.S. Securities and Exchange
Commission. Since the information in this press release may contain
statements that involve risk and uncertainties and are subject to
change at any time, the Company’s actual results may differ
materially from expected results. We make no commitment to disclose
any subsequent revisions to forward-looking statements. This
release does not constitute an offer to sell or a solicitation of
offers to buy any securities of any entity.
Corporate Contact:
The Coretec Group, Inc.Lindsay
McCarthyinfo@thecoretecgroup.com+1 (866) 916-0833
Media Contact:
Spencer HerrmannFischTank PRcoretec@fischtankpr.com+1 (518)
669-6818