8-K
filed February 15, 2023, 6:59 PM ET
CIK 0001563227
M&A
confidence high
sentiment negative
materiality 0.75
Sipup Corp: M&A transaction — Sipup rescinds acquisition of VeganNation; CEO resigns, interim appointed
Sipup Corp
- Rescission agreement terminates Sept 2021 share exchange; Sipup returns VeganNation shares and cancels 41,062,240 Sipup shares.
- Sipup receives 2M unrestricted GreenCoins (locked through May 2023) and option to acquire 14M more through June 2024.
- CEO Isaac Thomas resigned Jan 31, 2023; director Baruch Yadid named interim CEO effective Feb 3, 2023.
- Mutual releases exchanged; VeganNation to assist with Sipup's 2021 audit.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Baruch Yadid was appointed as interim chief executive officer at Sipup Corp.
- Action
- appointed
- Role
- interim chief executive officer
Exact text from the filing
On February 3, 2023, Mr. Baruch Yadid, a directo,r was appointed as interim chief executive officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Isaac Thomas resigned as Chief Executive Officer at Sipup Corp.
- Action
- resigned
- Role
- Chief Executive Officer
Exact text from the filing
On January 31, 2023 Mr. Isaac Thomas resigned from all position held with Sipup, including his directorship and as chief Executive Officer.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Sipup Corp completed a disposition involving VeganNation Services, Ltd. (closed 2023-01-31).
- Action
- disposition
- Counterparty
- VeganNation Services, Ltd.
- Closing
- 2023-01-31
Exact text from the filing
Under the Rescission Agreement, which closed as of January 31, 2023, the parties agreed to the following ● Sipup shall have no ownership interest in VeganNation, and therefore VeganNation shall no longer be a subsidiary of Sipup; ● All of the Ordinary Shares transferred by the VeganNation shareholders to Sipup under the Exchange Agreement were transferred and conveyed by Sipup to the VeganNation shareholders. ● All of the shares of common stock transferred by Sipup to the VeganNation shareholders under the terms of the Exchange Agreement will be cancelled and returned to the treasury of Sipup.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Sipup Corp terminated Share Exchange Agreement with VeganNation Services, Ltd. (effective 2022-11-30).
- Action
- termination
- Agreement
- merger
- Counterparty
- VeganNation Services, Ltd.
- Effective
- 2022-11-30
Exact text from the filing
On November 30, 2022 Sipup Corp. ( “Sipup,” “we,” “us” or the “Company”) entered into a Rescission Agreement (the “Rescission Agreement”) with VeganNation Services, Ltd., a company formed under the laws of the State of Israel (“VeganNation”) and the shareholders of VeganNation. pursuant to which the previously disclosed Share Exchange Agreement entered into as of September 30,. 2021 amongst the parties (the “Share Exchange Agreement”) was terminated and rescinded in its entirety.
View on SEC.gov
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