A California startup that moved to Lincoln last year is facing more lawsuits from investors.
The Nebraska Angels and B&J Partnership both filed lawsuits last month in Lancaster County District Court against Ink Labs, which makes wireless printing stations.
According to the lawsuits, both the Nebraska Angels, which is an investing group, and B&J Partnership, which is the real estate arm of Speedway Motors, loaned the company money using convertible promissory notes, which allow the debt to be converted to equity in the company.
Both entities decided later to seek repayment of the notes rather than convert them to equity, something that Ink Labs has refused or been unable to do, the suit says.
The Nebraska Angels are seeking repayment of nearly $550,000, plus interest. B&J Partnership is seeking $200,000 plus interest.
B&J Partnership declined comment on its lawsuit. The Nebraska Angels did not respond to a request for comment.
The lawsuits are similar to ones filed earlier in December by Nelnet and Sipadan Capital. Sipadan is seeking $1.65 million, while Nelnet is seeking $750,000.
Altogether, the lawsuits are seeking more than $3 million, or nearly half of the $6.65 million in seed investments Ink Labs announced it had secured last April, when it also announced it was moving its operations from California to Lincoln.
The company picked Lincoln after doing a pilot test of its Smart Station digital printing kiosk at the University of Nebraska-Lincoln in August 2016. It initially set up shop at Fuse Coworking before moving into permanent offices at Nebraska Innovation Campus.
Ink Labs officials could not be reached for comment.