ConnectM Technology Solutions, Inc. (CNTM): M&A transaction — ConnectM acquires controlling interest in DeliveryCircle for up to $5.2M

ConnectM Technology Solutions, Inc.

Acquired 46% equity (57% voting) in DeliveryCircle, a last-mile delivery platform with 500K+ drivers.
Consideration includes $520K base plus contingent payouts based on revenue/EBITDA over 8 years (up to ~$5.2M).
ConnectM gains right to appoint 4 of 7 board members; deal closed Aug 5, 2024.
DeliveryCircle provides positive EBITDA and strong gross margins; entry into $165B U.S. courier market.
Also amended Forward Purchase Agreement with Meteora, changing settlement to cash and reset price floor at $2.00.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ConnectM Technology Solutions, Inc. completed an acquisition involving Vijaya Rao for up to $5,234,788.00 (closed 2024-08-05).

Action: acquisition
Counterparty: Vijaya Rao
Consideration: up to $5,234,788.00
Closing: 2024-08-05

Exact text from the filing

members to DeliveryCircle’s board of directors. Purchase Price Pursuant to the Purchase Agreement, ConnectM has agreed to acquire the Acquired Interests for an amount up to $5,234,788.00, comprising: (i) $520,000.00 (the “ Base Purchase Price ”), plus (ii) the Contingent Value Amount, as described below, subject to adjustment as provided in the Purchase

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ConnectM Technology Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-086132

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