Safe and Green Development acquires Majestic World Holdings (XENE AI) for $500K cash + 500K shares

RenX Enterprises Corp.

Total consideration: $500K cash payable over 5 quarters plus 500K restricted shares valued at $1.075M ($2.15/share).
MWH CEO Matthew Barstow appointed Senior Vice President of Innovation at SG Devco.
50% profit sharing agreement on net profits from XENE AI technology for five years.
XENE Platform, an AI-driven real estate marketplace, expected to launch Q1 2024.
Acquisition adds a new technology vertical to SG Devco's real estate portfolio.

Key facts

Extracted from this filing and checked against the source text.

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

RenX Enterprises Corp. entered into Membership Interest Purchase Agreement with Majestic World Holdings LLC valued at 500,000 shares restricted stock + $500,000 cash (effective 2024-02-07).

Action: entry
Agreement: asset purchase
Counterparty: Majestic World Holdings LLC
Value: 500,000 shares restricted stock + $500,000 cash
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024, Safe and Green Development Corporation (the “Company”) acquired Majestic World Holdings LLC (“MWH”) pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”), dated as of February 7, 2024, by and among the Company, the members of MWH listed therein (the “Members”), MWH and Matthew A. Barstow, as Sellers Representative.

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RenX Enterprises Corp. filing history →

Source: SEC EDGAR

accession 0001213900-24-013385

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