Cuentas enters JV for 364-unit multifamily development; commits $2M to escrow

Cuentas Inc.

Cuentas signed operating agreement as Class B Member in Brooksville Development Partners LLC on April 13, 2023.
Initial capital contribution of $2M placed in escrow to fund land purchase; funds returned if closing fails within 60 days.
JV targets development and sale of ~364-unit residential apartment community in Florida.
Addendum clarifies $2M is not a forfeitable deposit under the purchase and sale agreement.
Additional capital contributions may be required after land closing; Members can opt out and sell land.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.85

Cuentas Inc. entered into OPERATING AGREEMENT for Brooksville Development Partners, LLC with Brooksville Development DE, LLC; Brooksville FL Partners, LLC valued at $2,000,000.00 (effective 2023-04-13).

Action: entry
Counterparty: Brooksville Development DE, LLC; Brooksville FL Partners, LLC
Value: $2,000,000.00
Effective: 2023-04-13

Exact text from the filing

On April 13, 2023, Cuentas, Inc. (“Cuentas”) signed an OPERATING AGREEMENT for Brooksville Development Partners, LLC (“Company”) entered into by Brooksville Development DE, LLC (the “Class A Member”), a Delaware limited liability company and Cuentas Inc, a Florida corporation, as well as Brooksville FL Partners, LLC, a Florida limited liability company (the “Class B Members,” together with the Class A Member, collectively the “Members”).

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Cuentas Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-030913

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