TOKEN COMMUNITIES LTD.: M&A transaction — Token Communities acquires 90% of Elements of Health & Wellness for $225K promissory note

TOKEN COMMUNITIES LTD.

Acquired 90% of Elements via stock purchase agreement dated Jan 10, 2023, for a $225,000 promissory note.
Note has 5-year term and 3% annual interest; Elements becomes a 90%-owned subsidiary.
Acquisition expands Token Communities into health and wellness sector.
Financial statements of Elements to be filed by amendment within 71 days.

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

TOKEN COMMUNITIES LTD. completed an acquisition involving Elements of Health and Wellness, Inc. for $225,000 (closed 2023-01-10).

Action: acquisition
Counterparty: Elements of Health and Wellness, Inc.
Consideration: $225,000
Closing: 2023-01-10

Exact text from the filing

On January 10, 2023 Token Communities Ltd. (the “Company”) entered into a Stock Purchase Agreement with Elements of Health and Wellness, Inc., a company incorporated in the Florida ("Elements") whereby the Company acquired ninety shares of common stock of Elements (which represents ninety percent of the outstanding shares of common stock of Elements) in exchange for the issuance of a promissory note in the principal amount of Two Hundred Twenty Five Thousand Dollars ($225,000) (the “Note”).

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Source: SEC EDGAR

accession 0001213900-23-002421

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