High Wire Networks completes HWN acquisition; HWN's revenue down 30% with going-concern doubt

HIGH WIRE NETWORKS, INC.

Acquisition of HWN, Inc. closed June 16, 2021; HWN becomes wholly-owned subsidiary of High Wire Networks.
HWN's 2020 revenue $15.76M, down 30% from $22.49M in 2019; net loss attributable to HWN $693k vs net income $430k in 2019.
Audited financials include going-concern warning: HWN has incurred losses, negative cash flows, and negative working capital.
Acquisition consideration included issuance of newly created Series D Preferred Stock (terms not specified in this filing).
HWN reports goodwill of $2.61M and intangible assets net of $1.40M as of Dec 31, 2020.

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