---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-21-018365"
form_type: "8-K"
ticker: "BWMG"
cik: "0001166708"
company_name: "Brownie's Marine Group, Inc"
filed_at: "2021-08-03T23:59:59+00:00"
generated_at: "2026-06-29T23:07:09.523069+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Brownie's Marine signs binding term sheet to acquire Submersible Systems for $1.75M

## Summary
- Acquires all membership interests of Submersible Systems, LLC, which designs/manufactures scuba, diving, and rescue equipment.
- Total purchase price of $1,750,000: $350,000 in convertible notes (8% interest, 3-year) and $1,400,000 in common stock.
- Closing expected by August 31, 2021, subject to due diligence and definitive agreements.
- Shares subject to leak-out restrictions: 12.5% after 6 months, 25% after 9 months, 75% after 24 months, 100% after 36 months.
- Non-compete for 5 years from Rick Kearney; license of Nomad trademark and Snorkelator/Easy Dive IP.

## SEC filing metadata
- accession: 0001493152-21-018365
- form_type: 8-K
- ticker: BWMG
- cik: 0001166708
- company_name: Brownie's Marine Group, Inc
- filed_at: 2021-08-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1166708/000149315221018365/0001493152-21-018365-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1166708/000149315221018365/forrn8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-21-018365
- JSON: https://secwatch.observer/filing/0001493152-21-018365.json
- Plain text: https://secwatch.observer/filing/0001493152-21-018365.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.