Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
UPEXI, INC. terminated Membership Interest Purchase Agreement with Bloomios, Inc. and Infused Confections LLC (effective 2023-08-11).
- Action
- termination
- Agreement
- asset purchase
- Counterparty
- Bloomios, Inc. and Infused Confections LLC
- Effective
- 2023-08-11
Exact text from the filing
Item 1.02 Termination of a Material Definitive Agreement. On October 26, 2022, Upexi, Inc. (the “Company”) entered into a Membership Interest Purchase Agreement (the “MIPA”) with Bloomios, Inc., a Nevada corporation (“Bloomios”), and its wholly owned subsidiary Infused Confections LLC, a Wyoming limited liability company (together with Bloomios, the “Buyers”), pursuant to which the Company sold 100% of the membership interests of Infusionz LLC, a Colorado limited liability company (“Infusionz”) to the Buyers (the “Transaction”). On August 11, 2023, as a result of various breaches by the Buyers of their obligations under the MIPA and the other agreements entered into in connection with the Transaction (the “Transaction Documents”), the Company provided the Buyers with written notice of the Company’s immediate termination of all current and going forward obligations of the Company under the Transaction Documents.
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