Cuentas acquires 6% affordable housing stake; issues 3.8M shares (19.9% of outstanding) as consideration

Cuentas Inc.

Acquires 6% interest in 4280 Lakewood Road Manager, which holds 86.45% of 4280 Lakewood Road LLC (96-unit project in Lake Worth, FL).
Consideration: 3,838,657 CUEN common shares (19.9% outstanding) valued at $1,195,195.
Escrow release: seller must deliver member consent or wire $1,195,195 within 45 days; else shares returned.
Appointed Haim Yeffet as independent director; $50k/year cash + 100k-share option (50% vest at grant, 50% at 12 months).
Seller retains voting/consent rights on assigned interest and provides limited guaranty of purchase price.

item 1.01 item 5.02 item 9.01

Executive movements

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Appointed

Haim Yeffet

director

CUEN · Cuentas Inc.

Effective: 2023-02-02
Filed: February 3, 2023, 6:59 PM ET

On February 2, 2023, the Board appointed Haim Yeffet as director to the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Haim Yeffet was appointed as director at Cuentas Inc..

Action: appointed
Role: director

Exact text from the filing

On February 2, 2023, the Board appointed Haim Yeffet as director to the Board.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Cuentas Inc. entered into Membership Interest Purchase Agreement with Core Development Holdings Corporation valued at $1,195,195 (effective 2023-02-03).

Action: entry
Agreement: asset purchase
Counterparty: Core Development Holdings Corporation
Value: $1,195,195
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, Cuentas, Inc. (“Cuentas” or “Buyer”) signed a Membership Interest Purchase Agreement (MIPA) with Core Development Holdings Corporation (“Core” or “Seller”), a Florida corporation that holds approximately 29.3% of 4280 Lakewood Road Manager, LLC (“Lakewood Manager”), which in turn owns 86.45% of the membership interests in 4280 Lakewood Road, LLC (“4280 Project”), an affordable multi-family real estate project located in Lake Worth, Florida.

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38 material agreements filed in the last 30 days. Browse all material agreements →

Cuentas Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-007767

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