WASTE ENERGY CORP. (WAST): M&A transaction — MetaWorks acquires UtopiaVR assets for shares and $854K in convertible notes

WASTE ENERGY CORP.

Acquired UtopiaVR.com platform, ChatGPT AI avatar tech, and patent-pending metaverse haptics IP.
Consideration: 7,000,000 shares of common stock plus $700,000 and $154,250 convertible promissory notes.
Convertible notes mature July 5, 2024, convertible at $0.10/share after a 6-month lock-up.
Securities issued in unregistered offshore transaction relying on Regulation S and Section 4(a)(2).
Acquisition strengthens MetaWorks' Web3/metaverse position; no revenue or earnings details disclosed.

item 2.01 item 3.02 item 7.01 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

WASTE ENERGY CORP. completed an acquisition involving Apex VR Holdings, Inc. (closed 2023-07-05).

Action: acquisition
Counterparty: Apex VR Holdings, Inc.
Closing: 2023-07-05

Exact text from the filing

On July 5, 2023, we closed the asset purchase agreement (the “ Agreement ”) with Apex VR Holdings, Inc. (“ Apex ”), whereby we purchased certain intellectual property assets (the “ Assets ”) and the intellectual property rights relating to or used in connection with the Assets of Apex.

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WASTE ENERGY CORP. filing history →

Source: SEC EDGAR

accession 0001493152-23-023511

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