litigation
confidence high
sentiment negative
materiality 0.85
Judge grants TRO against MMEX ordering specific performance of conversions, causing expected dilution
MMEX Resources Corp
- Lawsuit filed June 1, 2023 by Sabby alleging breach of contract, fraud, failure to deliver shares.
- Sept 11, 2023: judge granted specific performance of Sabby's past/future conversion requests.
- Court enjoined MMEX from issuing shares until compliance; directed transfer agent to reserve shares for Sabby's conversion.
- MMEX assessing appeal and stay; expects significant dilution to shareholders and constraint on raising equity capital.