LifeMD amends Cleared Technologies acquisition; purchase price reduced to $3.67M with quarterly payments.

LifeMD, Inc.

Purchase price reduced by $250,000 to $3,670,000; all earn-out payments eliminated.
Remaining $3.21M payable in 5 quarterly installments of $642k each, starting Feb 6, 2023 through Jan 15, 2024.
Buyer may pay installments in cash or common stock (accredited investors, Section 4(a)(2) exemption).
Mutual release of claims related to indemnification escrow and certain breaches of the Agreement.
LifeMD to reimburse $10,000 for legal expenses within 5 business days of the effective date.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LifeMD, Inc. amended First Amendment to the Purchase Agreement (effective 2023-02-04).

Action: amendment
Agreement: asset purchase
Effective: 2023-02-04

Exact text from the filing

On February 4, 2023, the Company entered into the First Amendment to the Purchase Agreement (the "Amendment"), pursuant to which the Purchase Agreement was amended to, among other things: (i) reduce the total purchase price by $250,000 to a total of $3,670,000;

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LifeMD, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-004172

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