Circle8 Group settles SPP dispute, eliminates $35M note; Nasdaq bid-price notice received
Circle8 Group said on August 10, 2026 that it signed a settlement with SPP Credit Advisors that resolves pending New York and Delaware litigation and cancels its $35 million convertible seller's note. The company will issue 21,983,926 shares to SPP, while it gains an option to buy and retire the same number of shares for $0.00001 each, and SPP's remaining debt is to be repaid over an 18-month share disposition period. Separately, Nasdaq notified the company on August 13, 2026 that its stock has closed below $1.00 for 30 consecutive business days.
Key points
- The $35,000,000 convertible promissory note is released, canceled and discharged; SPP indebtedness was $62,669,730.00 as of August 7, 2026, bearing 5% interest during the disposition period.
- Atlantic agrees to issue 21,983,926 shares to SPP, with a ten-year call option to buy the same number of shares at $0.00001 per share for retirement.
- Lyneer Staffing agreed to seek refinancing of its SLR facility within 45 days of August 7, 2026, with a $5 million payment to SPP upon refinancing.
- Nasdaq's August 13, 2026 letter cites a $1.00 minimum bid price; the filing lists February 9, 2026 as the regain-compliance date and says the stock will continue to trade as CIRC.
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 13, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.