Tix Corp. has entered into a binding letter of agreement with Chief Executive Mitch Francis after concluding a strategic review process.Francis, the company’s major shareholder, will purchase 6.2 million shares in the Studio City discount ticket seller for $500,000 and will provide an additional $200,000 in the next 24 months if the Tix board decides the money is needed to keep the business going.Also, Francis has agreed to waive his salary and benefits through May, and from June through December will have his salary reduced to $100,000 with no paid benefits.Tix Corp. has been particularly hard hit by the coronavirus outbreak. In March, it shut down its seven discount ticket stores in Las Vegas under its Tix4Tonight brand and its online ticket sales website which offered up to a 50 percent discounts for shows, concerts, attractions and tours, as well as discount dining and shopping offers.Shares of Tix (TIXC) closed Tuesday down nearly 4 cents, or 25 percent, to 12 cents on the over-the-counter market.
CEO Provides Capital Infusion for Tix
