AIBOTICS, INC. (AIBT): M&A transaction — Mycotopia Therapies acquires AI robotics assets from Philon Labs; up to $9M in stock, to rename AiBotics

AIBOTICS, INC.

Acquires patents for Phill Robot (AI massage robot) and Milky Way (smart breast-milk fridge) from Philon Labs.
Issues $2M face-value convertible preferred stock; up to $7M more preferred stock tied to revenue incentives over 3 years.
Philon Labs CEO David Gruszka to become President of Mycotopia Therapies.
Company plans to change name to AiBotics and ticker to ABIT, pending FINRA approval.
Press release issued December 4, 2023 announcing the transaction.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.7

AIBOTICS, INC. completed an acquisition involving Philon Labs, LLC for Preferred Stock with a face value of $2,000,000 (closed 2023-11-28).

Action: acquisition
Counterparty: Philon Labs, LLC
Consideration: Preferred Stock with a face value of $2,000,000
Closing: 2023-11-28

Exact text from the filing

Way” products. In consideration for the acquisition of the Assets, Mycotopia Therapies will issue a new class of Preferred Stock (the “Preferred Stock”) with a face value of $2,000,000, convertible into shares of the Company’s Common Stock (the “Common Stock”). All shares of Preferred Stock and Common Stock issued in conjunction with the transaction will be

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AIBOTICS, INC. filing history →

Source: SEC EDGAR

accession 0001096906-23-002316

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