Auto Parts 4Less converts $461K debt to equity; lockup on shares

Auto Parts 4Less Group, Inc.

Issued 46,145,000 shares to Robert J. Brown in exchange for $461,450 of debt, which is cancelled.
Expects to record a gain on debt cancellation of ~$461,450 in Q1 2024 Form 10-Q.
Shares subject to two-year lockup; issued without registration under Section 4(a)(2).
Follows March 11, 2024 conversion of nearly $1.2M debt, per CEO statement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Auto Parts 4Less Group, Inc. entered into Exchange Agreement with Robert J. Brown valued at 46,145,000 shares of common stock in exchange for $461,450 of indebtedness (effective 2024-03-12).

Action: entry
Agreement: equity purchase
Counterparty: Robert J. Brown
Value: 46,145,000 shares of common stock in exchange for $461,450 of indebtedness
Effective: 2024-03-12

Exact text from the filing

On March 12, 2024, Auto Parts 4 Less Group, Inc., a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Brown Agreement”) with Robert J. Brown (“Brown”).

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Source: SEC EDGAR

accession 0001161697-24-000152

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