8-K
filed June 7, 2023, 7:59 PM ET
ticker ASII
CIK 0001464865
M&A
confidence high
sentiment negative
materiality 0.80
Accredited Solutions, Inc. (ASII): M&A transaction — Accredited Solutions rescinds Petro X merger; Alessi gains control; Brito new CEO
Accredited Solutions, Inc.
- Rescission of Merger Agreement with Petro X effective June 1, 2023; all ASII shares issued cancelled, PXS shares returned.
- William Alessi acquires all Series A Preferred Stock for $10 each, obtaining 66.67% voting control of the company.
- Eduardo Brito appointed Director, President, CEO, and Secretary; Douglas Martin, Fabian Deneault, William Sluss, Eric Newlan resigned.
- Company assigns Spire Motorsports sponsorship agreement to PXS; PXS assumes ~$200,000 remaining obligation.
- Post-rescission, only business is Diamond Creek Group (high alkaline water).
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Fabian G. Deneault resigned as Director at Accredited Solutions, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Fabian G. Deneault (“Deneault”), William E. Sluss (“Sluss”) and Eric Newlan (“Newlan”) resigned as members of the Board of Directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eduardo A. Brito was appointed as Director at Accredited Solutions, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Eduardo A. Brito was appointed as a Director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eduardo A. Brito was appointed as President, Chief Executive Officer and Secretary at Accredited Solutions, Inc..
- Action
- appointed
- Role
- President, Chief Executive Officer and Secretary
Exact text from the filing
Mr. Brito was appointed as President, Chief Executive Officer and Secretary of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
William E. Sluss resigned as Director at Accredited Solutions, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Fabian G. Deneault (“Deneault”), William E. Sluss (“Sluss”) and Eric Newlan (“Newlan”) resigned as members of the Board of Directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric Newlan resigned as Director at Accredited Solutions, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Fabian G. Deneault (“Deneault”), William E. Sluss (“Sluss”) and Eric Newlan (“Newlan”) resigned as members of the Board of Directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Douglas V. Martin resigned as Interim Chief Executive Officer at Accredited Solutions, Inc..
- Action
- resigned
- Role
- Interim Chief Executive Officer
Exact text from the filing
Douglas V. Martin (“Martin”) resigned as the Company’s Interim CEO.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Accredited Solutions, Inc. underwent a change of control involving William Alessi for $10 and other good and valuable consideration (closed 2023-06-01).
- Action
- change of control
- Counterparty
- William Alessi
- Consideration
- $10 and other good and valuable consideration
- Closing
- 2023-06-01
Exact text from the filing
of the Company, as follows: Name of Seller Name of Purchaser Securities Purchased Consideration Fabian G. Deneault William Alessi 5,500 Shares of Series A Preferred Stock $10 and other good and valuable consideration, including the delivery of the Mutual Release. William E. Sluss William Alessi 2,000 Shares of Series A Preferred Stock $10 and other
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Accredited Solutions, Inc. terminated Plan and Agreement of Merger with Petro X Solutions, Inc. (effective 2023-05-31).
- Action
- termination
- Agreement
- merger
- Counterparty
- Petro X Solutions, Inc.
- Effective
- 2023-05-31
Exact text from the filing
On May 31, 2023, Accredited Solutions, Inc., a Nevada corporation (the “Company”), and Petro X Solutions, Inc., a Wyoming corporation (“PXS”), entered into a Rescission Agreement and Mutual Release (the “Rescission Agreement”). Pursuant to the Rescission Agreement, the Plan and Agreement of Merger dated as of March 8, 2022, and closed May 11, 2022 (the “Merger Agreement”), between the Company and PXS was rescinded.
View on SEC.gov
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