LegalMay 1, 2026, 05:27 PM
Helio Corp settles $879,163 debt with Sean Wolf via stock sales
AI Summary
Helio Corporation entered a binding settlement agreement with Sean Wolf on April 27, 2026, to resolve an $879,163 outstanding obligation from two promissory notes. The debt will be satisfied through net proceeds from Wolf's sales of Helio common stock, subject to specific leak-out terms, and direct company payments. The agreement includes provisions for share transfers, legend removal, and brokerage firm cooperation, with the agreement becoming void if an alternate brokerage firm cannot be secured under certain conditions.
Key Highlights
- Helio Corp settled an $879,163 outstanding obligation with Sean Wolf.
- The obligation stemmed from two 9.75% promissory notes totaling $900,000 principal.
- Settlement will be satisfied through Wolf's sales of Helio common stock and direct payments.
- Wolf can sell up to 4,000 shares daily or 12% of daily volume, if volume exceeds 20,000 shares.
- Daily sale limit increases to 25% of daily volume upon uplisting or by July 5, 2026.
- Company to remove restrictive legend on 225,000 shares by April 28, 2026.
- Wolf is responsible for transferring 275,000 shares from Joseph Pitman.
- Agreement is void if Helio fails to secure an alternate brokerage firm within 7 business days if Fidelity declines.
Price Impact
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