MamaMancini's acquires remaining 76% of Chef Inspirational Foods for $3.65M

Mama's Creations, Inc.

Total consideration $3.65M: $950k cash at close, $1.2M cash on 1st anniversary, $1.5M in stock on 2nd anniversary.
Acquisition makes CIF a wholly-owned subsidiary; MamaMancini's previously owned 24% with an option to buy the rest.
Sellers are Siegel Suffolk Family, LLC and R&I Loeb Family, LLC; includes five-year non-competition and registration rights.
Stock portion valued using 20-day average closing price prior to each payment; fractional shares settled in cash.

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

Mama's Creations, Inc. entered into Membership Interest Purchase Agreement with Siegel Suffolk Family, LLC, R&I Loeb Family, LLC, Jeffrey Siegel, Ronald Loeb valued at an aggregate of $950,000 in cash (effective 2023-06-28).

Action: entry
Agreement: asset purchase
Counterparty: Siegel Suffolk Family, LLC, R&I Loeb Family, LLC, Jeffrey Siegel, Ronald Loeb
Value: an aggregate of $950,000 in cash
Effective: 2023-06-28

Exact text from the filing

On June 28, 2023, MamaMancini’s Holdings, Inc. (the “Company”) announced the acquisition of the remaining 76% of Chef Inspirational Foods, LLC, a New York limited liability company (“CIF”), pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among the Company, Siegel Suffolk Family, LLC, a New York limited liability company, R&I Loeb Family, LLC, (the “Sellers”) and Jeffrey Siegel and Ronald Loeb (the “Seller Owners”).

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Mama's Creations, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-022846

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