CID HoldCo Announces Enters Definitive Securities Purchase Agreement With Unnamed Investors For Convertible Preferred Stock Investment Of Up To $6M

The purchase agreement is comprised of $2.0 million of Series AA Convertible Non-Redeemable Preferred Stock and $4.0 million of Series B Convertible Non-Redeemable Preferred Stock. The securities purchase agreement also provides that, following the closing of the Series AA Preferred Stock investment, the Company's Board of Directors will establish a special committee to evaluate a proposed sale of certain operating assets of the Company pursuant to a previously executed letter of intent, as described below.