secwatch.observer — SEC 8-K summary
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Issuer:     SHOREPOWER TECHNOLOGIES INC. (AETN)
CIK:        0000764630
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001493152-23-009135
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 9.01, 3.02, 5.01, 5.02, 5.06
LLM model:  deepseek-v4-flash:cloud@v2

USBL completes reverse merger with Shorepower; assumes $1.4M debt; raises $660K PIPE
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- Shorepower now owns 55% of USBL common stock; received 2M Series B preferred shares with 40 votes each.
- Company assumed $1,400,000 of Shorepower debt; new CEO capped at $10K/month for first 9 months.
- PIPE financing raised $660,000 via 11M units at $0.06 per unit with warrants exercisable at $0.25.
- After close, USBL has 47,435,106 common shares, 2M Series B preferred, and 11M warrants outstanding.
- Management expresses substantial doubt about going concern; plans to change name to Shorepower Technologies.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/0001493152-23-009135-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764630/000149315223009135/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-009135

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