---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-21-022275"
form_type: "8-K"
ticker: "BWMG"
cik: "0001166708"
company_name: "Brownie's Marine Group, Inc"
filed_at: "2021-09-09T23:59:59+00:00"
generated_at: "2026-06-29T04:45:03.527974+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Brownie's Marine acquires Submersible Systems for $1.75M in stock and convertible notes

## Summary
- Total purchase price of $1,750,000 paid with $350,000 in 8% convertible notes and 27,305,442 shares of common stock (~$0.05127/share).
- Submersible Systems (Spare Air brand) had 2019 revenue of ~$1.8M; 2020 revenue reduced to ~$1.4M due to COVID.
- Leak-out restriction on merger shares: 12.5% after 6 months, 25% after 9 months, 75% after 24 months, 100% after 36 months.
- Acquisition expected to expand BWMG's product portfolio and U.S. government contractor footprint.
- Financial statements of the acquired business to be filed within 71 days of this 8-K.

## SEC filing metadata
- accession: 0001493152-21-022275
- form_type: 8-K
- ticker: BWMG
- cik: 0001166708
- company_name: Brownie's Marine Group, Inc
- filed_at: 2021-09-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1166708/000149315221022275/0001493152-21-022275-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1166708/000149315221022275/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-21-022275
- JSON: https://secwatch.observer/filing/0001493152-21-022275.json
- Plain text: https://secwatch.observer/filing/0001493152-21-022275.txt

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