> The author is saying that 1 person, in whose company he'd invested 4 years ago, closed her company down and registered another company just before pitching to Shark Tank and getting 500K investment from Mark Cuban.
This is more or less correct, but the big part to me was this quote from the article:
> If he/she wants to sell assets to another company — this includes a domain name, a logo and emails lists — needs our permission. Basically, a CEO cannot harm the company in any way without a written agreement with the StartEngine accelerator.
If I am interpreting this correctly she wasn't able to just "close" her company down and move on. Especially reusing assets from the first company because of legally binding contracts between the first company and the start-up accelerator it took investment from.
A possible problem with the author's blog is that it may premature. As others have noted, deals made on Shark Tank are subject to diligence after the show is recorded and possibly even aired. So it may be likely that diligence is still in progress.
Anyway this whole thing is a mess and The Style Club entrepreneur is at the center of it. At any rate I am interested in seeing how this plays out legally.
This is more or less correct, but the big part to me was this quote from the article:
> If he/she wants to sell assets to another company — this includes a domain name, a logo and emails lists — needs our permission. Basically, a CEO cannot harm the company in any way without a written agreement with the StartEngine accelerator.
If I am interpreting this correctly she wasn't able to just "close" her company down and move on. Especially reusing assets from the first company because of legally binding contracts between the first company and the start-up accelerator it took investment from.
A possible problem with the author's blog is that it may premature. As others have noted, deals made on Shark Tank are subject to diligence after the show is recorded and possibly even aired. So it may be likely that diligence is still in progress.
Anyway this whole thing is a mess and The Style Club entrepreneur is at the center of it. At any rate I am interested in seeing how this plays out legally.