Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
BLUM HOLDINGS, INC. entered into Operators Only LOI with Operators Only Corp. and Golden Health & Wellness, Inc., Safe Accessible Solutions, Inc., Sacramento Commercial Services, Inc. valued at Aggregate consideration of $9.7 million: secured promissory notes of ~$1.9 million and issuance of 1 (effective 2024-02-09).
- Action
- entry
- Agreement
- merger
- Counterparty
- Operators Only Corp. and Golden Health & Wellness, Inc., Safe Accessible Solutions, Inc., Sacramento Commercial Services, Inc.
- Value
- Aggregate consideration of $9.7 million: secured promissory notes of ~$1.9 million and issuance of 1
- Effective
- 2024-02-09
Exact text from the filing
On February 9, 2024, Blum Holdings, Inc. (the "Company") entered into a binding letter of intent (the "Operators Only LOI") with Operators Only Corp. ("Operators Only") and Golden Health & Wellness, Inc., Safe Accessible Solutions, Inc., and Sacramento Commercial Services, Inc. (together the “Targets” and each a "Target") pursuant to which the Company and the Targets intend to enter into a Stock Sale and Purchase Agreement in which the Company will acquire 100% of the common stock of Operators Only, and Operators Only will acquire 100% of the common stock of each Target from the shareholders of each Target (the “Target Shareholders”). At closing, Target Shareholders shall receive an aggregate of $9.7 million in consideration for the Targets as follows: (i) secured promissory notes in the aggregate principal amount of approximately $1.9 million to be paid in monthly installments of approximately $55,600 per month over 34 to 42 months (the "Notes"); and (ii) the issuance of 1,835,330 sha
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