FOMO WORLDWIDE, INC.: going-concern / distress — FOMO Worldwide placed into receivership; EcoChem acquisition terminated

FOMO WORLDWIDE, INC.

Receivership ordered April 1, 2024 by Thermo Communications Funding LLC in Allegheny County, PA court.
Definitive agreement to acquire North America assets of EcoChem Alternative Fuels terminated April 11, 2024 due to market conditions.
John Raymond of SMARTSolution Technologies named Receiver; Thermo intends UCC-1 foreclosure on SST subsidiary.
No break-up fees or penalties associated with the terminated acquisition.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

FOMO WORLDWIDE, INC. entered receivership in Court of Common Pleas of Allegheny County, Pennsylvania (petition 2024-04-01).

Proceeding: receivership
Court: Court of Common Pleas of Allegheny County, Pennsylvania
Petition: 2024-04-01

Exact text from the filing

FOMO WORLDWIDE, INC. and subsidiaries were placed into receivership on April 1, 2024 by Thermo Communications Funding LLC (“Thermo”) through the Court of Common Pleas of Allegheny County, Pennsylvania (No GD 24-002108).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FOMO WORLDWIDE, INC. terminated Definitive Agreement to acquire the North America assets of EcoChem Alternative Fuels LLC with EcoChem Alternative Fuels LLC valued at Agreement terminated due to market conditions and capital availability. No break-up fees or penaltie (effective 2024-04-11).

Action: termination
Agreement: asset purchase
Counterparty: EcoChem Alternative Fuels LLC
Value: Agreement terminated due to market conditions and capital availability. No break-up fees or penaltie
Effective: 2024-04-11

Exact text from the filing

The Definitive Agreement to acquire the North America assets of EcoChem Alternative Fuels LLC (“EAF”) was terminated on or around April 11, 2024 due to market conditions and capital availability. There were no break-up fees or penalties or shares issued and/or associated with the action mutually agreed to by us and EAF.

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Source: SEC EDGAR

accession 0001472375-24-000019

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