Alliance MMA CEO responds to lawsuit
April 18, 2017
A lawsuit filed against Alliance MMA by an investor in the company for violations of securities regulations law was filed on Monday. MMA Payout has obtained a response from the company’s CEO, Paul Danner.
“The matter of the stock-based compensation matter has no impact on 2017 financial performance and no negative affect on our ability to execute our business plan going forward. On April 12, after notifying the Securities and Exchange Commission, we filed a Form 8-K that stated the need for revisions to our second and third quarter results to include compensation in the form of shares of our common stock received by certain service providers, as well as individuals who later served as Alliance officers and directors. These revisions did not adversely affect our cash position, our balance sheet, the number of shares of our common stock outstanding, or the previously stated beneficial ownership of the officers and directors of the Company. Moreover, the stock-based compensation charge is a one-time, non-recurring item that will not be reflected in any periods subsequent to December 31, 2016. Operationally, we are off to a remarkable start since we completed the initial public offering of our common stock in October 2016, and there is absolutely no intention of slowing down with plans to expand our operations aggressively in the coming months. We will continue working towards our stated goal of creating and sustaining a continuous regional MMA presence in each of the top 20 domestic media markets, and reaching our ultimate objective of producing more than 125 events per year.”