AVOI to acquire Rivulet Media assets for 90.8M shares and $10.1M cash; Rivulet shareholders to control 88.24%

Rivulet Entertainment, Inc.

Purchase consideration: 90,784,800 shares of AVOI common stock and $10,069,000 cash; closing by April 10, 2024.
Upon closing, Rivulet shareholders will own 88.24% of AVOI, resulting in a change of control.
AVOI placed 7.5M shares at $0.40 to a single investor for $3.0M to fund acquisition costs and debts.
AVOI disbursed $2.6M to Rivulet on March 1, 2024 as part of the acquisition cost.

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

Rivulet Entertainment, Inc. entered into Asset Purchase Agreement with Rivulet Media, Inc. valued at 90,784,800 shares of common stock of the Company, $0.001 par value per share, and $10,069,000 (effective 2024-03-01).

Action: entry
Agreement: asset purchase
Counterparty: Rivulet Media, Inc.
Value: 90,784,800 shares of common stock of the Company, $0.001 par value per share, and $10,069,000
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Advanced Voice Recognition Systems, Inc., a Nevada corporation (“the Company”), and Rivulet Media, Inc., a Delaware corporation (Rivulet), collectively the Parties, entered into an Asset Purchase Agreement (the “Purchase Agreement")

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Source: SEC EDGAR

accession 0001376474-24-000128

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