iCoreConnect Inc.: M&A transaction — iCoreConnect acquires FeatherPay assets for $5.3M in cash and stock

iCoreConnect Inc.

iCoreConnect purchased healthcare billing and payment processing assets of Ally Commerce dba FeatherPay for $500K cash + $4.8M in Series A Preferred Stock (480K shares at $10/share).
The acquisition closed on January 1, 2024, concurrent with signing.
FeatherPay stockholders entered into Subscription Agreements for the preferred stock; conversion limited per Nasdaq rules.
Acquired assets include accounts receivable, equipment, intellectual property, permits, and goodwill.
Craig Haynor (FeatherPay principal) entered into an employment agreement with iCoreConnect.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

iCoreConnect Inc. completed an acquisition involving Ally Commerce, Inc. dba FeatherPay for $500,000 in cash, and $4,800,000 worth of shares (closed 2024-01-01).

Action: acquisition
Counterparty: Ally Commerce, Inc. dba FeatherPay
Consideration: $500,000 in cash, and $4,800,000 worth of shares
Closing: 2024-01-01

Exact text from the filing

On January 1, 2024, iCoreConnect Inc., a Delaware corporation (the "Company") entered into an Asset Purchase Agreement (the "Agreement") with Ally Commerce, Inc. dba FeatherPay (the "Seller"). The Seller was engaged in the business of healthcare billing and payment processing. Pursuant to the Agreement, the Company purchased the assets of the Seller utilized in the Seller’s business. As consideration for the acquired assets: (i) the Company paid to Seller $500,000 in cash, and (ii) the Company agreed to issue to Seller’s stockholders an aggregate of $4,800,000 worth of shares (the "Stock Consideration") of Company’s Series A Preferred Stock, par value $0.0001 at $10.00 per share totaling 480,000 shares. The transactions contemplated by the Agreement were consummated concurrent with the execution of the Agreement

View on SEC.gov

Browse all m&a transactions →

Source: SEC EDGAR

accession 0001477932-24-000038

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.