Renee
5 years ago
ACNV referenced in SEC Litigation:
https://www.sec.gov/litigation/complaints/2020/comp-pr2020-72.pdf
c. Accelera Innovations, Inc. (βACNVβ)
i On September 2, 2015, Keener purchased a convertible note from
ACNV for $75,000 (with payments of $50,000 on that date and $25,000
on March 10, 2016).
ii Pursuant to the terms of the note, Keener elected to convert $93,333 of
the principal, interest, and OID that ACNV owed him into shares of
ACNVβs stock on fourteen occasions between March 2, 2016 and
January 12, 2017. In so doing, Keener received a total of 15,076,729
newly issued shares.
iii Pursuant to the favorable terms that Keener negotiated for himself, the
conversion price for these shares was 40% less than the lowest closing
prices for the stock in the 25 trading days preceding each conversion.
The terms Keener negotiated allowed him to spend significantly less
money to acquire the shares than he would have paid on the open
market.
iv Keener sold the shares shortly after each conversion (between March
2016 and March 2017), generating profits of $116,331, most of which
were attributable to the discounted acquisition prices that he negotiated.