Lake Superior Acquisition Corp. signs definitive business combination with Openmarkets Group

Lake Superior Acquisition Corp

Exchange consideration: ~30M Purchaser Shares at deemed $10.00/share, subject to adjustments for net indebtedness and working capital.
Up to 70M additional milestone shares: 30M license milestone shares (ASIC/AUSTRAC approvals) and up to 40M performance milestone shares (client asset-based) capped at $400M.
Lock-up agreement: 180-day lock on shares held by Seller; non-competition and non-solicitation for 5 years post-closing.
Closing conditions include shareholder approval, regulatory consents, no material adverse effect, and customary closing deliveries; outside date December 31, 2026.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Lake Superior Acquisition Corp entered into Plan of Merger and Business Combination Agreement with Openmarkets Group Pty Ltd valued at Merger with earnout milestones: up to 70,000,000 milestone shares (effective 2026-01-23).

Action: entry
Agreement: merger
Counterparty: Openmarkets Group Pty Ltd
Value: Merger with earnout milestones: up to 70,000,000 milestone shares
Effective: 2026-01-23

Exact text from the filing

On January 23, 2026, Lake Superior Acquisition Corp. (the “Company” or “Lake Superior”) entered into a definitive Plan of Merger and Business Combination Agreement (the “Business Combination Agreement”) with Openmarkets Group Pty Ltd, an Australian proprietary limited company (“OMG”), and BMYG OMG Pty Ltd, an Australian proprietary limited company (the “Seller”) and such other persons who are contemplated to later join this Agreement as the “Purchaser” and “Merger Sub” therein, which are sometimes referred to herein individually as a “Party” and, collectively, as the “Parties.”

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Lake Superior Acquisition Corp filing history →

Source: SEC EDGAR

accession 0001477932-26-000513

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