Safe & Green Holdings subsidiary acquires Majestic World Holdings for stock and cash

OLENOX INDUSTRIES INC.

SG DevCo pays 500,000 restricted shares and $500K cash for all MWH membership interests.
Cash consideration paid in five quarterly installments of $100K each starting Q1 2024.
68.25% of interests transferred at closing; remaining 31.75% in five equal quarterly installments.
SG DevCo will pay members 50% of net profits from MWH's real-estate SaaS technology for five years.
Transaction closed Feb 7, 2024; ancillary agreements include profit sharing and employment contracts.

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

OLENOX INDUSTRIES INC. entered into Membership Interest Purchase Agreement with Majestic World Holdings LLC valued at 500,000 shares of SG DevCo's restricted stock and $500 thousand in cash (effective 2024-02-07).

Action: entry
Agreement: asset purchase
Counterparty: Majestic World Holdings LLC
Value: 500,000 shares of SG DevCo's restricted stock and $500 thousand in cash
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024, Safe and Green Development Corporation (“SG DevCo”), a majority owned subsidiary of Safe & Green Holdings Corp., 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 SG DevCo , the members of MWH listed therein (the “Members”), MWH and Matthew A. Barstow, as Sellers Representative.

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Source: SEC EDGAR

accession 0001213900-24-013427

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