On August 30, 2024, Nicholas Petcoff, the Company’s Chief Executive Officer and director, resigned from all his positions at the Company and its subsidiaries (including his position as a director) in connection with the transaction contemplated by the CIS Agreement, and the Board decreased the size of the Board to eight directors.
Effective August 30, 2024, Brian Roney, President, was appointed to the role of Chief Executive Officer.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 1.0
Nicholas Petcoff resigned as Chief Executive Officer and director at Presurance Holdings, Inc..
Action
resigned
Role
Chief Executive Officer and director
Exact text from the filing
On August 30, 2024, Nicholas Petcoff, the Company’s Chief Executive Officer and director, resigned from all his positions at the Company and its subsidiaries (including his position as a director) in connection with the transaction contemplated by the CIS Agreement, and the Board decreased the size of the Board to eight directors.
Presurance Holdings, Inc. completed a disposition involving BSU Leaf Holdings LLC for $45 million, subject to purchase price adjustments (closed 2024-08-30).
Action
disposition
Counterparty
BSU Leaf Holdings LLC
Consideration
$45 million, subject to purchase price adjustments
Closing
2024-08-30
Exact text from the filing
no longer has any insurance agency operations and it expects a significant decline in revenue. In connection with the sale, the Company received initial consideration of $45 million, subject to purchase price adjustments . In addition, during the three years ending on the third anniversary of the Closing Date, the Company is eligible under the CIS Agreement
Presurance Holdings, Inc. completed a disposition involving an entity owned by Andrew Petcoff for $6.5 million (closed 2024-08-30).
Action
disposition
Counterparty
an entity owned by Andrew Petcoff
Consideration
$6.5 million
Closing
2024-08-30
Exact text from the filing
Agreement, dated as of August 30, 2024 (the “SSU Agreement”) among Sycamore Financial Group, LLC, Andrew Petcoff and VSRM Insurance Agency, Inc. The total purchase price was $6.5 million with $3.0 million paid in cash at the time of the closing and $3.5 million due throughout the balance of 2024.
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