secwatch.observer — SEC 8-K summary
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Issuer:     Brownie's Marine Group, Inc (BWMG)
CIK:        0001166708
Form:       8-K
Filed at:   2021-08-03T23:59:59+00:00
Accession:  0001493152-21-018365
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221018365/0001493152-21-018365-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221018365/forrn8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-21-018365

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