RAADR, Inc. CEO Jacob DiMartino Makes Historic Pledge to Sign No Additional Toxic Funding Documents
RAADR, Inc. (OTC PINK: RDAR) announced a historic pledge by Chairman and CEO Jacob Dimartino to refrain from signing any additional toxic funding documents, which typically convert debt into equity at steep discounts. This decision follows the qualification of the company's REG A filing with the SEC, allowing for share sales to qualified investors. Additionally, the company is in the process of completing its audits for 2019 and 2020, transitioning to a fully reporting company, which is expected to reduce capital costs and enhance business opportunities.
- Chairman pledges to stop signing toxic funding documents, potentially stabilizing stock value.
- Transition to a fully reporting company may reduce cost of capital and attract investors.
- Outstanding toxic notes may continue to pressure stock price until resolved.
PHOENIX, Oct. 4, 2021 /PRNewswire/ -- RAADR, Inc. (OTC PINK: RDAR), a technology and software development company that monitors cyber-bullying and social media platforms with artificial intelligence announced today that its Chairman and CEO has made a pledge to sign no additional toxic funding documents. For purposes of the pledge, toxic funding documents are notes and debentures that convert into equity typically at the option of the lender at heavily discounted prices of the company's stock price around the time period that the conversion takes place.
This pledge is being taken because the company's REG A filing with the United Securities and Exchange Commission was qualified by the SEC and as a result, RAADR, Inc. will begin selling shares to highly qualified investors that the company believes have interests aligned with the company's goal of building shareholder value. Regulation A is being used as a favorable alternative to toxic funding.
Known as "the anti-bullying company", RAADR also recently announced that its audit for the company's calendar years ended December 31, 2019 and December 31, 2020 is expected to be completed in the fourth quarter. The audited financial statements will be included in the company's anticipated Form 10 filing with the Securities and Exchange Commission. As a fully reporting company with the SEC, RAADR, Inc. expects that business opportunities will flourish and its cost of capital will significantly decrease virtually immediately as the company completes the transmission from an alternative reporting company to a fully reporting company.
RAADR Inc. Chairman and Chief Jacob Dimartino commented, "We are continuing to make great progress, but this progress may not be clear to our shareholders because of the toxic notes and debentures that RAADR has outstanding. As many of our shareholders know, there is tremendous interest in our company but at the same time, there is constant selling pressure on our stock by the conversions into equity by our toxic lenders. Now is the time to make this pledge that we do not plan to sign any additional toxic funding documents now or in the future."
Mr. DiMartino added, "Our shareholders have spoken, and they are right. This pledge is being made contingent on our ability to continue to use Regulation A as a viable and legal funding mechanism. We have not signed any toxic funding notes or debentures for 60 days and we hope that in a year, we can proudly say that we have not signed any toxic funding documents for 1 year. This pledge and this commitment will build value for shareholders."
About RAADR, Inc.
RAADR, Inc., publishes software and apps that protect children who use social media and the internet. Known as the "internet anti-bullying company", RAADR produces products that allow children, parents, and school districts to monitor bullying and other threatening behavior on the Internet in real time. Armed with many features including keyword tracking, real time alerts, facial recognition and site filtering, RAADR's apps determine in real time whether children or young adults are the victim of stalkers, bullies and other threatening behavior. Parents love the facial recognition feature because in seconds, the app allows parents to upload the child's image and parents can be armed with one of the most powerful tools ble to receive alerts each time their child's image appears on a social media site. RAADR Parental 2.0, which is the parenting app that helps parents and adults protect children by using real time monitoring on social media will be released sometime in Late 2021. RAADR Inc. is committed to making our world and social media a safer and better place for kids and young adults."
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Any comments regarding regulation A are not a solicitation to buy or sell our securities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report and for the most recent fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with OTCMarkets.com
Video:
Link: youtu.be/1juAWI14jgA
Media Contact:
Jacob Dimartino,
jacob.d@raadr.com
View original content:https://www.prnewswire.com/news-releases/raadr-inc-ceo-jacob-dimartino-makes-historic-pledge-to-sign-no-additional-toxic-funding-documents-301391383.html
SOURCE RAADR, Inc.
FAQ
What is Raadr Inc.'s pledge regarding toxic funding documents?
How does the REG A filing affect Raadr Inc.?
When will Raadr Inc. complete its audits?
What impact will becoming a fully reporting company have on Raadr Inc.?
What are the potential risks of Raadr Inc.'s current funding situation?
