SKYX Platforms Corp. (SKYX): M&A transaction — SKYX Platforms completes acquisition of Belami for $7M cash plus 1.92M shares

SKYX Platforms Corp.

Purchase price: $7M cash (plus $1M released from escrow) and 1,923,285 shares of SKYX common stock at closing.
Deferred consideration: $3.1575M cash and shares valued at $5.639M due April 28, 2024, with per-share collar of $3-$4.
Belami issued $1M 90-day promissory notes and $464,669 1-year notes to sellers, both at 4.86% interest; guaranteed by SKYX.
Equity awards to Belami employees/consultants: 735,375 RSUs vesting April 2024; 568,927 restricted shares immediate; 150k RSUs vesting over 3 years; 150k options.
Financial statements of Belami to be filed by amendment within 71 days.

item 1.01 item 2.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SKYX Platforms Corp. completed an acquisition involving stockholders of Belami, Inc. for $7,000,000 in cash and an aggregate of 1,923,285 shares of the Company’s common stock (closed 2023-04-28).

Action: acquisition
Counterparty: stockholders of Belami, Inc.
Consideration: $7,000,000 in cash and an aggregate of 1,923,285 shares of the Company’s common stock
Closing: 2023-04-28

Exact text from the filing

February 6, 2023, between the Company and the stockholders of Belami (the “Sellers”), and the Amendment as described below. The purchase price paid at the Closing consisted of $7,000,000 in cash (which excluded, among other things, $1.0 million released to the Sellers from escrow) and an aggregate of 1,923,285 shares of the Company’s common stock. At the Closing,

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SKYX Platforms Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-014865

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