Dpw holdings, inc. receives notice of default and demand for immediate payment from the investor

On october 23, 2019, dpw holdings, inc. received a notice of default and demand for immediate payment from the investor informing the company that the new note is in default as a result of late payments, which constitutes an event of default under the spa, in the sum of $3,395,404.50, including accrued and unpaid interest, default fees and late fees. accordingly, the investor has demanded immediate payment of the amount due under the new note. interest continues to accrue at the default rate provided for in the new note and late fees continue to accrue at the rate provided for in the new note. in addition, ault & company, inc., a delaware corporation, as a guarantor, is also responsible for all continuing costs of collection and attorney's fees and other expenses owing and that may become due and owing pursuant to the new note or any other transaction documents. upon receipt of the notice from the investor, the company is attempting to reach a negotiated settlement with the investor and remains in discussions with the investor to do so. the company hopes to continue to work with the investor to settle its obligations under the new note. the company intends to vigorously defend its position should a mutually amicable resolution prove unattainable.
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