Stran & Company, Inc. (SWAG): M&A transaction — Stran & Company completes acquisition of Bangarang assets for $1.1M cash and $5.5M liabilities

Stran & Company, Inc.

Acquired substantially all assets of Bangarang Enterprises (dba Gander Group) via private sale under Article 9 UCC.
Cash purchase price of $1,098,800 plus assumption of approximately $5.5 million in liabilities.
Bangarang reported net loss of $1,828,824 in 2023 and accumulated deficit of $14.5 million.
Auditor raised substantial doubt about Bangarang's ability to continue as a going concern.
Stran will file pro forma financial information in a subsequent amendment.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

Stran & Company, Inc. completed an acquisition involving Sallyport Commercial Finance, LLC for aggregate consideration for the Bangarang Assets consisted of (a) cash payments by the Purchaser to Secured Party of $1,098,800 and (b) the assumption by the Pu (closed 2024-08-23).

Action: acquisition
Counterparty: Sallyport Commercial Finance, LLC
Consideration: aggregate consideration for the Bangarang Assets consisted of (a) cash payments by the Purchaser to Secured Party of $1,098,800 and (b) the assumption by the Pu
Closing: 2024-08-23

Exact text from the filing

(the “Bangarang Transaction”). Under the Sale Agreement, the aggregate consideration for the Bangarang Assets consisted of (a) cash payments by the Purchaser to Secured Party of $1,098,800 (the “Cash Purchase Price”), and (b) the assumption by the Purchaser of certain liabilities totaling approximately $5.5 million (the “Assumed Liabilities”), subject to

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Stran & Company, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-095904

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