High Wire Networks sells legacy staffing business for ~$11.5M in debt reduction and preferred stock cancellation

HIGH WIRE NETWORKS, INC.

Sold ADEX Corp., ADEX Canada, ADEX Puerto Rico, and ADEXCOMM to ADEX Acquisition Corp. for $1 cash plus assumption of ~$10M debt and cancellation of 140 Series D preferred shares.
Debt elimination reduces monthly payments by ~$325,000.
Company to focus on cybersecurity and technology enablement, which have strong growth.
Sale closed simultaneously with signing on March 6, 2023.

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

HIGH WIRE NETWORKS, INC. entered into Agreement with ADEX Acquisition Corp. valued at approximately $11.5 million (effective 2023-03-06).

Action: entry
Agreement: asset purchase
Counterparty: ADEX Acquisition Corp.
Value: approximately $11.5 million
Effective: 2023-03-06

Exact text from the filing

entered into a stock purchase agreement (the “Agreement”), by and among ADEX Corporation, ADEX Canada LTD., ADEX Puerto Rico, LLC and ADEXCOMM, and ADEX Acquisition Corp., pursuant to which the Company sold to ADEX Acquisition Corp. its legacy staffing business in a transaction valued at approximately $11.5 million

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HIGH WIRE NETWORKS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-019207

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