Advanced Cell defaults on debt

|By:, SA News Editor

Holders of the Senior Secured Convertible Notes due June 30, 2015 send Advanced Cell Technology (ACTC) a notification of default citing the firm's failure to deliver shares of common stock to them within three days of a conversion event. The Event of Default gives the Note holders the right to the immediate repayment of the $1.2M balance.

The Notes were issued as part of a settlement agreement among the parties consummated on January 11, 2013 whereby the company granted a security interest in virtually all of the company's assets as a condition of the financing.