MMEX Resources Corp (MMEX): debt financing — MMEX Resources receives lawsuit from Sabby alleging breach of convertible note; company admits inability to repay debts

MMEX Resources Corp

Sabby filed lawsuit in NY Supreme Court on May 26, 2023 seeking damages not less than $226,875 plus interest and fees.
Company states it lacks cash resources to repay the Sabby Note or other outstanding indebtedness.
As of last 10-Q, aggregate notes payable ~$1.8M with ~$300k already in default.
Acceleration of Sabby Note may trigger cross-defaults on other debt instruments already past due.
Company reiterates going concern uncertainty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MMEX Resources Corp faced acceleration on convertible notes of $226,875 plus interest and other damages with Sabby Volatility Warrant Master Fund, Ltd..

Instrument: convertible notes
Principal: $226,875 plus interest and other damages
Counterparty: Sabby Volatility Warrant Master Fund, Ltd.
Event: acceleration

Exact text from the filing

On May 26, 2023, the Company received notice that Sabby had filed a lawsuit in a New York Supreme Court, alleging breach of contract, fraud, and failure to maintain and deliver shares under the Sabby Note. Sabby is seeking monetary damages in an amount to be determined at trial, but not less than $226,875 plus interest and other damages under the Sabby Note, plus attorney’s fees and costs of the lawsuit.

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MMEX Resources Corp filing history →

Source: SEC EDGAR

accession 0001477932-23-004040

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