Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
SHOREPOWER TECHNOLOGIES INC. entered into Agreement and Plan of Merger with Shurepower, LLC d/b/a Shorepower Technologies, Inc. valued at Merger of Shorepower into USBL, with Shorepower owning 55% of common stock post-closing, subject to (effective 2022-11-23).
- Action
- entry
- Agreement
- merger
- Counterparty
- Shurepower, LLC d/b/a Shorepower Technologies, Inc.
- Value
- Merger of Shorepower into USBL, with Shorepower owning 55% of common stock post-closing, subject to
- Effective
- 2022-11-23
Exact text from the filing
On November 23, 2022 the registrant, United States Basketball League, Inc. (“USBL”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies, Inc. (“Shorepower”) under which Shorepower will be merged with and into USBL subject to several closing conditions, including satisfactory completion of due diligence reviews by each party to the Merger Agreement, Shorepower providing USBL with the most recent two years of audited financial statements by a PCAOB auditor, USBL authorizing a new class of Series B preferred stock with each Series B preferred share having the voting power of 40 shares of USBL common stock, USBL completing a stock and warrant financing to have a minimum of $480,000 in cash at closing (the “USBL Pre-Merger Financing”) and USBL not having any debt or contingent liabilities of any kind at the time of the closing.
View on SEC.gov