secwatch.observer — SEC 8-K summary
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Issuer:     Brownie's Marine Group, Inc (BWMG)
CIK:        0001166708
Form:       8-K
Filed at:   2021-09-09T23:59:59+00:00
Accession:  0001493152-21-022275
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221022275/0001493152-21-022275-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221022275/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-21-022275

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