Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
KINGSWAY FINANCIAL SERVICES INC terminated Membership Interest Purchase Agreement with National Institute of Clinical Research Inc. and Dr. Sali Aswad valued at Termination of Membership Interest Purchase Agreement (effective 2023-12-23).
- Action
- termination
- Agreement
- equity purchase
- Counterparty
- National Institute of Clinical Research Inc. and Dr. Sali Aswad
- Value
- Termination of Membership Interest Purchase Agreement
- Effective
- 2023-12-23
Exact text from the filing
Item 1.02. Termination of a Material Definitive Agreement. As previously disclosed, on October 19, 2023, Kingsway Search Xcelerator Inc. (“Kingsway Buyer”), a subsidiary of Kingsway Financial Services Inc. (the “Company”), entered into a Membership Interest Purchase Agreement (the “Agreement”) with National Institute of Clinical Research Inc. (the “Seller”) and Dr. Sali Aswad (the “Shareholder”). On December 23, 2023, Kingsway Buyer delivered written notice to the Seller and the Shareholder that effective immediately it has terminated the Agreement as a result of the Seller’s and the Shareholder’s uncured breaches of certain representations, warranties, covenants and agreements and the resulting inability of the Seller and the Shareholder to satisfy the conditions to Kingsway Buyer’s obligation to consummate the transactions contemplated by the Agreement.
View on SEC.gov