Summary by Moomoo AI
On April 24, 2024, Netcapital Inc., a company listed on The Nasdaq Stock Market, reported entering into two separate Stock Purchase Agreements with board members Steven Geary and Paul Riss. The agreements were made for the private placement sale of common stock in exchange for the cancellation of outstanding indebtedness owed to each board member. Specifically, Steven Geary agreed to cancel $31,680 of debt in exchange for 239,274 shares, while Paul Riss agreed to cancel $58,524 of debt for 442,024 shares. Both transactions were set at a price of $0.1324 per share, which is the minimum price according to Nasdaq rules. The shares issued are classified as restricted securities under Rule 144 of the Securities Act of 1933. Netcapital Inc. did not receive any proceeds from the issuance of these shares. The agreements are detailed in Exhibits 10.1 and 10.2 attached to the company's Current Report on Form 8-K.