Korth Direct Mortgage Inc.: M&A transaction — Korth Direct Mortgage CEO buys 45.8% stake from chairman for $3.3M via note

Korth Direct Mortgage Inc.

CEO Holly MacDonald-Korth bought 1,100,000 shares at $3.00 each ($3.3M total) from Chairman James W. Korth.
Purchase price is a 5% ten-year interest-only note secured by a pledge of the shares.
Post-transaction, MacDonald-Korth owns 45.8% of the company's common stock, becoming its largest shareholder.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 1.0

Korth Direct Mortgage Inc. underwent a change of control involving James W. Korth for $3.00 per share, or an aggregate of $3,300,000 (closed 2023-06-09).

Action: change of control
Counterparty: James W. Korth
Consideration: $3.00 per share, or an aggregate of $3,300,000
Closing: 2023-06-09

Exact text from the filing

On June 9, 2023, Holly MacDonald-Korth, Chief Executive Officer of Korth Direct Mortgage Inc. (the “Company”), purchased 1,100,000 shares of the common stock of the Company (the “Shares”) at a price of $3.00 per share, or an aggregate of $3,300,000 (the “Purchase Price”), from James W. Korth, the Company’s Chairman and former Chief Executive Officer.

View on SEC.gov

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Source: SEC EDGAR

accession 0001214659-23-008490

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