MachTen, Inc.: M&A transaction — MachTen posts pro forma revenue of $7.9M, net income $1.5M for H1 2023 after LMT Holding contribution

MachTen, Inc.

Pro forma balance sheet shows total assets $28.9M and shareholders' equity $6.9M as of June 30, 2023.
Pro forma statement of operations for six months ended June 30, 2023: revenue $7.86M, operating profit $2.62M, net income $1.53M.
LMT Holding contributed to MachTen for 3.17M shares and $15M cash dividend; MachTen drew $15M on CoBank revolver to fund dividend.
Transaction adjustments include $0.56M interest expense (7.5% rate), $44K stock compensation, and $30K for transitional services agreement.
The spin-off of 81% of MachTen common stock to LICT stockholders occurred on August 31, 2023.

item 1.01 item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.85

MachTen, Inc. completed an acquisition involving LICT Corporation (closed 2023-08-08).

Action: acquisition
Counterparty: LICT Corporation
Closing: 2023-08-08

Exact text from the filing

☐ Introductory Note As previously reported, on August 31, 2023, LICT Corporation (“LICT”) distributed to the holders of its common stock, by way of a pro rata dividend (the “Distribution”), 81% of the common stock of MachTen, Inc.

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Source: SEC EDGAR

accession 0001140361-23-049313

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