QIND acquires 51% of Al Shola Gas for $10M; payment tied to national exchange uplist

Quality Industrial Corp.

Purchase price of $10M: $9M in stock or cash in 8 quarterly tranches after uplist, plus $1M cash within 12 months.
QIND gets 2 of 3 board seats effective immediately; existing management retains operational control unless board acts.
Option to buy remaining 49% of ASG at prorated price for 2 years after closing.
QIND to facilitate $350k in LPG vehicles within 90 days and $2M equity line or credit within 90 days of uplist.
ASG is a 44-year-old UAE LPG engineering and distribution firm with civil defense approvals.

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

Quality Industrial Corp. entered into Stock Purchase Agreement with shareholders of Al Shola Al Modea Gas Distribution LLC valued at $10,000,000 (Ten Million USD) (effective 2024-03-27).

Action: entry
Agreement: asset purchase
Counterparty: shareholders of Al Shola Al Modea Gas Distribution LLC
Value: $10,000,000 (Ten Million USD)
Effective: 2024-03-27

Exact text from the filing

As of March 27, 2024, we entered into a definitive Stock Purchase Agreement (the “Purchase Agreement”) with the shareholders of Al Shola Al Modea Gas Distribution LLC (“ASG” or “Al Shola Gas”) to acquire a 51% interest in ASG.

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307 material agreements filed in the last 30 days. Browse all material agreements →

Quality Industrial Corp. filing history →

Source: SEC EDGAR

accession 0001213900-24-029067

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