Mad Cap Co. LLC, a Delaware limited liability company (“Secured Party”), will offer for sale at public auction on September 25, 2026 at 11:00 a.m. ET/10:00 a.m. CT in connection with a Uniform Commercial Code disposition, 100% of the pledged equity securities and capital stock (“Collateral”) in and to SNAPS Holding Company, a corporation (“Issuer”), which Issuer holds, among other assets, substantial equity and convertible debt positions in Novra Technologies Inc (which trades on the Canadian Stock Exchange). The Collateral is owned and pledged by Sanjay Patel/SNAPS Holding Co., having an address at 16 South 16th Street S. Suite 200, Fargo ND 58106 (“Debtor”).
The sale will be conducted by the Secured Party via remote participation through a secure virtual videoconference. The URL address, dial-in credentials, and access codes for the online videoconference will be provided to all confirmed participants who have properly registered, executed a non-disclosure agreement, and qualified pursuant to the Terms of Sale. Parties who do not satisfy the conditions to bid in accordance with the terms hereof and the Terms of Sale will forfeit their opportunity to register and will be excluded from bidding.
The Debtor has pledged and granted to the Secured Party a first-priority lien on and security interest in the Collateral pursuant to that certain Promissory Note, Security Agreement, and UCC dated as of December 31, 2023. The Secured Party is offering the Collateral for sale in connection with the foreclosure on the pledge of such Collateral following uncured events of default.
The Collateral is being offered as a single lot, “AS-IS, WHERE-IS”, with no express or implied warranties, representations, statements, or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or its representatives, and each bidder must make its own independent inquiry regarding the Collateral. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties, and similar fees or taxes incurred in connection with the purchase and transfer of the Collateral.
Bidder Pre-Qualification Requirements:
To be eligible to participate and bid in the auction, prospective bidders must complete the following no later than September 23, 2026 at 5:00 p.m. ET/4:00 p.m. CT:
The Secured Party reserves the right to credit bid up to the full amount of its secured indebtedness plus accrued interest, costs, and fees, set a minimum reserve price, reject any or all bids (including, without limitation, any bid deemed to have been made by a bidder unable to satisfy the qualification requirements imposed by the Secured Party or to whom in the Secured Party’s sole judgment a sale may not lawfully be made), and/or terminate, postpone, or adjourn the sale to another time and date without further published notice other than an announcement made at the scheduled time of the sale.
The Secured Party further reserves the right to restrict prospective bidders to accredited or sophisticated investors who represent in writing that they are purchasing the Collateral for their own account for investment purposes only and not with a view to the distribution or resale thereof, to require customary investment letters, and to impose such other limitations or conditions in connection with the sale of the Collateral as the Secured Party deems necessary or advisable, in its sole discretion, in order to comply with the Securities Act of 1933, as amended, state blue sky laws, or any other applicable laws or regulations.
All bids (other than credit bids of the Secured Party) must be payable in cash or immediately available wire funds.
Further Information:
Further concerning the Collateral, bidder pre-qualification requirements, earnest money deposit instructions, and the formal Terms of Sale may be requested from the Secured Party:
Mad Cap Co. LLC
Attn: Corey Johnston, Managing Director
Direct: (612) 666-1663
Fax: (952) 469-4512
Email: [email protected]
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