Coretec Group acquires Core Optics; Dr. Kim to lead combined company; seller gets ~80% stake

CORETEC GROUP INC.

Coretec Group to acquire 100% of Core Optics via issuance of 10M Series C Preferred (convertible to 1.5B common) and 705.6M common shares.
Seller (Core Optics member) expected to own ~80% of Coretec's common stock on fully-diluted basis post-closing.
Dr. Seonkee Kim to become CEO of combined company; shareholder call on March 14, 2024.
Core Optics has revenue from CCM testing, over 30 patents, and customer relationships with top mobile and auto manufacturers.
Synergies in EVs, 3D display, and LiDAR; combined company to pursue uplisting to senior exchange.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CORETEC GROUP INC. entered into Share Exchange Agreement with Core SS LLC valued at Member to sell all membership interests in Core Optics in exchange for 10,000,000 shares of Series C (effective 2024-03-01).

Action: entry
Agreement: merger
Counterparty: Core SS LLC
Value: Member to sell all membership interests in Core Optics in exchange for 10,000,000 shares of Series C
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, The Coretec Group, Inc. (the “Company”) entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Core Optics, LLC, a Virginia limited liability company (“Core Optics”), Core Optics Co., Ltd., a Republic of Korea corporation (“Operating Subsidiary”) and Core SS LLC, a Virginia limited liability company (the “Member”), which Member holds all outstanding membership interests in Core Optics.

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Source: SEC EDGAR

accession 0001437749-24-006749

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