other material
confidence high
sentiment negative
materiality 0.75
Cuentas settles license dispute with CIMA, pays $770K in unpaid fees, restores platform access
Cuentas Inc.
- Cuentas to pay $350,000 immediately and $420,239.78 by Aug 15, 2022, totaling $770,239.78 in unpaid fees.
- CIMA restores platform access; Cuentas receives limited license through Nov 30, 2022 for transition.
- Cuentas gets exclusive right to facilitate third-party purchase of CIMA's CUEN shares at >= $0.50/share until Aug 31, 2022.
- Parties exchange mutual general releases, resolving all claims; stipulated judgment if Cuentas defaults.
- Cuentas acknowledges validity of unpaid fees and waives dispute rights.