secwatch.observer — SEC 8-K summary
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Issuer:     BGSF, INC. (BGSF)
CIK:        0001474903
Form:       8-K
Filed at:   2022-12-14T23:59:59+00:00
Accession:  0001474903-22-000094
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BGSF acquires Horn Solutions for $42.7M; funds via cash, stock, and $40M term loan
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- Purchase price $42.659M: $33.94M cash, $3.351M stock (254,455 shares), $4.368M convertible note at 6%.
- Horn Solutions had unaudited revenue of ~$30M for trailing twelve months ending Sep 2022.
- New $40M term loan with BMO Harris Bank (maturing July 2024) used to fund cash portion.
- Two-year convertible promissory note of $4.368M at 6% interest (conversion price $17.12 per share).
- $1M cash held back for post-closing price adjustment (expected March 2023).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1474903/000147490322000094/0001474903-22-000094-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1474903/000147490322000094/a8-kon12x14x22.htm
  HTML page:      https://secwatch.observer/filing/0001474903-22-000094

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer