Amendment No. 1 to Letter of Intent between mPhase Technologies, Inc. and Scepter Commodities, LLC
This amendment updates the original Letter of Intent between mPhase Technologies, Inc. and Scepter Commodities, LLC. It extends the deadline for mPhase to complete its SEC filings to March 29, 2018, and changes the date by which the transaction must be completed to April 30, 2018. The amendment also confirms that due diligence on Scepter Commodities and its related Singapore company is ongoing. All other terms of the original agreement remain unchanged.
Exhibit 10.1
mPhase Technologies, Inc.
688 New Dorp Lane,
Staten Island, New York 10306-4933
February 15, 2018
Scepter Commodities, LLC
9841 Washingtonian Blvd., Suite 390
Gaithersburg, MD 20878
Attention: Anshu Bhatnagar
Re: Amendment No. 1 to Letter of Intent (“LOI”)
Dear Anshu:
This Amendment No. 1 (the “Amendment”) to our LOI Intent dated December 29, 2017, hereby amends the LOI as follows:
1. The date on or before which we, mPhase Technologies, Inc. (the “Company”) will complete its outstanding reports with the Securities and Exchange Commission (the “SEC”) shall be March 29, 2018
2. Paragraph 7 Subsection (b)(i) of the original LOI is amended, in its entirety, to read as follows:
“has not be consummated by April 30, 2018 (placeholder)”
3. Our Due Diligence shall continue with respect to our review of Scepter Commodities, LLC and its related company located in Singapore, and you acknowledge that we have only recently begun this review process.
4. All other terms shall remain intact.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE TO FOLLOW
Please indicate your acceptance of the terms outlined in this Amendment.
Sincerely,
| /s/ Martin Smiley |
Martin Smiley
CFO and General Counsel of mPhase Technologies, Inc.
on behalf of the Sellers.
Ronald Durando, President and CEO
| /s/ Ronald Durando |
Ronald Durando, President and CEO
mPhase Technologies, Inc.
Agreed and Accepted:
Scepter Commodities, LLC
| By: | /s/ Anshu Bhatnagar | |
| Name: | Anshu Bhatnagar | |
| Title: | Chief Executive Officer | |
| Date: ________________ | ||
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