FDCTech terminates purchase agreement for CIM Securities controlling interest; escrow refunds $180,000

FDCTECH, INC.

On July 30, 2023, FDCTech gave notice terminating the purchase agreement with Choice Investment Management for CIM Securities, LLC.
After five-business-day waiting period, escrow agent refunded $180,000 to FDCTech on August 4, 2023.
The terminated agreement would have given FDCTech a controlling interest in CIM Securities, a broker-dealer.
No reason for termination disclosed; company recovers the escrow deposit.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FDCTECH, INC. terminated purchase agreement between the Company and Choice Investment Management, LLC for acquiring a controlling interest in CIM Securities, LLC with Choice Investment Management, LLC valued at Termination of purchase agreement; escrow agent refunded $180,000 to the Company (effective 2023-07-30).

Action: termination
Counterparty: Choice Investment Management, LLC
Value: Termination of purchase agreement; escrow agent refunded $180,000 to the Company
Effective: 2023-07-30

Exact text from the filing

On July 30, 2023, FDCTech, Inc. (“FDC” or the “Company,” OTCQB: FDCT ) gave the notice of termination of the purchase agreement between the Company and Choice Investment Management, LLC (Choice) for acquiring a controlling interest in CIM Securities, LLC (BD).

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FDCTECH, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-028098

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