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Circle8 Group (Nasdaq: CIRC) executed a definitive global settlement with SPP Credit Advisors, resolving all outstanding litigation and legacy financing issues and cancelling Circle8's $35 million Convertible Seller's Note due March 2027, including all related conversion rights and potential equity dilution.
The agreement cures existing defaults, restores remaining SPP indebtedness to non-default interest rates, removes default interest and sets an approximately 18‑month orderly share disposition framework to satisfy remaining obligations. SPP will grant Circle8 an irrevocable option to repurchase about 21.9 million existing shares at $0.0001 per share while receiving an equivalent number of newly issued registered shares, with SPP immediately relinquishing all rights on the existing shares.
Circle8 Group (Nasdaq: CIRC) executed a definitive settlement agreement with SPP Credit Advisors that resolves all outstanding litigation, releases, cancels and discharges the Company's $35 million Convertible Seller's Note due March 2027, and restructures remaining legacy financing. The settlement cures existing defaults, restores non-default interest rates and eliminates default interest.
SPP will grant Circle8 an irrevocable option to purchase approximately 21.9 million existing shares for $0.0001 per share while Circle8 simultaneously issues about 21.9 million new registered shares to SPP. The deal includes an approximately 18‑month orderly share disposition framework to satisfy remaining indebtedness and is intended to simplify the capital structure and enhance financial flexibility.
Circle8 Group (Nasdaq: CIRC) announced the completion of extensions for two long-standing Dutch public sector contracts with a combined annual value of about US$20 million, reinforcing its recurring revenue base. The Waternet contract is extended from June 17, 2026 through June 17, 2027 with an annual value of approximately US$11.7 million. The De Bevelanden agreement is extended through March 31, 2028 with an annual value of around US$8.2 million.
These awards add to Circle8’s 2026 commercial activity, including a four-year DUO Groningen contract of roughly US$380 million, a four-year RDW contract with a minimum value of about US$52 million, and a one-year Rijkswaterstaat extension of approximately US$175 million per year. According to Circle8, public sector contract awards and extensions approved during 2026 now exceed US$625 million in aggregate value, underlining its expanding role in Dutch government digital infrastructure and essential services.
CirTran Corporation (CIRX) reported its Q1 2022 results with net sales of $691,768, an increase of 11.7% from $619,399 in Q1 2021. Gross profit rose to $459,389, marking a significant 46.9% jump compared to $312,751 in the prior year. Iehab J. Hawatmeh, the company’s president, expressed optimism for recovery in the adult lifestyle market post-pandemic, indicating consumer readiness to return to normalcy despite current inflationary pressures. CirTran is approaching its 30th anniversary, transitioning from electronics to adult lifestyle product distribution.
CirTran Corporation (OTC Pink: CIRX) has filed its Form 10-K for fiscal 2021 with the Securities and Exchange Commission. The report highlights net sales of $2,923,269, a significant 68.7% increase from $1,732,625 in 2020. Gross profit rose to $1,898,825, reflecting a 127% increase over $836,352 in the previous year. The net income for 2021 was $126,212. Despite pandemic challenges, CirTran progressed in its exclusive agreement with HUSTLER® and looks forward to continued growth in 2022.