So sad..
No 8k filing yet, just a news story.
Here’s one news article, and we’ll add more here though-out the day until an 8K comes out:
Filing Alert: Society Pass Chapter 11
What a Corporate Bankruptcy Means for Shareholders
Older Stories:
Society Pass (SOPA) Update. One of Our Best Ideas Ever?
We have of course, no opinion, and are suspending coverage for now. Some investors play BK stocks, we do not.
We were celebrating our Replimune (REPL) being up 140% in a couple weeks and we get a text: SOPA BK.
Talk about a buzz-kill. Though we’ll still go out to celebrate Replimune tonight. 1 hour countdown until happy-hour. Like a funeral and wedding at the same time. One-drink to celebrate, one drink to mourn, Wash-rinse-repeat.
OTHER EVENTS, DATE POSTED 04/15/2026
Item 8.01. Other Events
As previously reported, Thomas O’Connor, a former employee of Society Pass Incorporated (the “Company”), and CVO Advisors Pte. Ltd. (“CVO,” and together with O’Connor, the “Plaintiffs”), brought an employment action against the Company in the Supreme Court of the State of New York, New York County (the “Court”), seeking salary payments and expense reimbursement totaling $122,042.60, plus liquidated damages and costs. O’Connor also asserted claims based on the alleged failure to deliver between 1,721 and 2,536 shares of the Company’s common stock. For the 1,721 shares that O’Connor contends were not delivered, he claims damages of $9,918,000. In addition, the action includes claims by CVO alleging entitlement to $8 million in shares of the Company’s Series A Preferred Stock.
The Company responded to the complaint and asserted counterclaims against O’Connor arising from alleged breach of contract, breach of fiduciary duty, tortious interference, and fraud. After discovery proceedings and O’Connor’s motion for partial summary judgment, the Court ruled that O’Connor was entitled to the value of 1,148 shares of common stock that had vested under the warrant agreement. After a valuation hearing and decision, the Court, upon the Company’s proposal, in order to provide security to O’Connor for enforcement of any judgment in his favor, ordered on July 23, 2025, that the Company place 3,000,000 common shares of Thoughtful Media Group Incorporated, a subsidiary of the Company, into escrow pending further order of the Court. This arrangement avoided the financial strain that would have resulted had the Court restricted the Company’s use of cash or other assets in the ordinary course of business.
After a July 2025 trial, the Court issued its decision on February 5, 2026, finding that O’Connor fraudulently induced the Company to enter into the subscription and software development agreements, which the Court held are subject to rescission, and ordering the return of shares issued under those agreements. The Court dismissed O’Connor’s claims for salary and severance and held that his “faithless servant” conduct barred any equity vesting under the warrant agreement from August 2019 forward. CVO’s $8 million of Company’s Series A Preferred Stock contract claims were rejected. The Court upheld the earlier partial summary judgment award of approximately $6,615,934 (plus interest) and awarded an additional $824,109 (plus interest) for equity that vested under the warrant agreement before August 2019. The Company’s counterclaims other than as described above were dismissed.
A judgment implementing the rulings made in the decision was entered on April 9, 2026. Prior to the judgment, on April 8, 2026, the Court issued an order restricting certain transfers of assets and directed that the Company place 250,000 common shares of NusaTrip Incorporated, a subsidiary of the Company, into escrow pending further order of the Court or satisfaction of the judgment. O’Connor has initiated efforts to enforce the judgment, including serving restraining notices on the Company and others and seeking the appointment of a receiver. The Company is evaluating how to proceed in light of the decision, but expects to pursue available review and appeal processes.
Disclaimer: No opinion, no projection from Institutional Analyst Inc.
DISCLAIMER
Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. Client, SOPA has retained Institutional Analyst Inc, (IAI) for ongoing news coverage and reporting with a combination of equity and cash totaling for nine-thousand dollars per month. See upcoming report for full disclosure and disclaimer details. Neither IAI for the Company undertakes an obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media Contact:
Raynauld Liang
Chief Executive Officer
ray@thesocietypass.com
