Panacea Life Sciences acquires PUR Life Medical franchise for $1M cash plus up to $1.6M contingent

PANACEA LIFE SCIENCES HOLDINGS, INC.

Purchase price of $1M cash plus up to $1.6M payable over 4 years based on franchise fee and royalty collection.
Cash due in two tranches: $180,000 upon receipt of auditable financials and $820,000 on November 10, 2023.
Founder Dan Olsen (58.5% owner of PUR Life) retains 7% of new subsidiary; Panacea holds 93%.
Acquisition adds 60+ franchise locations, alternative medicine and pain management services to Panacea's vertical integration.
Panacea plans to finance the cash portion through debt and equity.

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

PANACEA LIFE SCIENCES HOLDINGS, INC. entered into Asset Purchase Agreement with PUR Life Medical, Inc. valued at $180,000 (effective 2023-09-26).

Action: entry
Agreement: asset purchase
Counterparty: PUR Life Medical, Inc.
Value: $180,000
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Panacea Life Sciences Holdings, Inc. (the “Company,” “Panacea,” “we,” or “our”) and PUR Life Medical, Inc. (“PUR Life”) entered into an Asset Purchase Agreement (“APA”) pursuant to which PUR Life agreed to sell and Panacea agreed to purchase all of the following assets

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PANACEA LIFE SCIENCES HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-034965

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