---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-122827"
form_type: "8-K"
ticker: "AETN"
cik: "0000764630"
company_name: "SHOREPOWER TECHNOLOGIES INC."
filed_at: "2022-11-29T23:59:59+00:00"
generated_at: "2026-06-21T12:31:12.169241+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# USBL enters merger agreement with Shorepower Technologies; Shorepower to own 55% of combined company

## Summary
- Shorepower will merge into USBL; Shorepower members to receive 55% of USBL common stock and 2M Series B preferred shares (40 votes each).
- Closing requires USBL to raise at least $480K in pre-merger financing and have zero debt; deadline December 15, 2022.
- Shorepower transfers up to $1.4M debt; new CEO compensation capped at $10K/month for first 9 months post-closing.
- Earn-out milestones: additional stock for converting 75 charging points, securing $1M grants, acquisitions ≥$3M revenue, and hiring key personnel.

## SEC filing metadata
- accession: 0001104659-22-122827
- form_type: 8-K
- ticker: AETN
- cik: 0000764630
- company_name: SHOREPOWER TECHNOLOGIES INC.
- filed_at: 2022-11-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764630/000110465922122827/0001104659-22-122827-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764630/000110465922122827/tm2231544-1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-122827
- JSON: https://secwatch.observer/filing/0001104659-22-122827.json
- Plain text: https://secwatch.observer/filing/0001104659-22-122827.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764630/000110465922122827/0001104659-22-122827-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.