KONA GOLD BEVERAGE, INC.: M&A transaction — Kona Gold sells Ooh La Lemin brand to Sprecher Brewing for $500k; focuses on Gold Leaf Distribution

KONA GOLD BEVERAGE, INC.

Closed Sept 29, 2023; received $450,000 cash and $50,000 promissory note from Sprecher Brewing Company.
Cash proceeds allocated to repayment of certain debt obligations; note bears 1% annual interest, matures Jan 15, 2024.
Sale includes IP, distributor agreements, inventory, social media assets; accounts receivable not transferred.
Company shifts focus to Gold Leaf Distribution subsidiary, citing positive profitability trends in late 2022/early 2023.
Management believes this restructuring will allow Kona Gold to become profitable in fiscal year 2024.

item 1.01 item 2.01 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

KONA GOLD BEVERAGE, INC. completed a disposition involving Sprecher Brewing Company for $450,000 (closed 2023-09-29).

Action: disposition
Counterparty: Sprecher Brewing Company
Consideration: $450,000
Closing: 2023-09-29

Exact text from the filing

of that company’s growth strategy that has been in place since 2020. It will be creating a new All Natural Beverage Category with the acquisition of Ooh La Lemin. We received $450,000 at the closing of the transaction, all of which was allocated to the repayment of certain of our debt obligations. The sale included our intellectual property rights to the brand,

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KONA GOLD BEVERAGE, INC. entered into a asset purchase with Sprecher Brewing Company valued at $450,000 at the closing (effective 2023-09-29).

Action: entry
Agreement: asset purchase
Counterparty: Sprecher Brewing Company
Value: $450,000 at the closing
Effective: 2023-09-29

Exact text from the filing

In a transaction that closed on September 29, 2023, Kona Gold Beverages, Inc. (the “Company,” “our,” “us,” and “our”) sold its Ooh La Lemin Lemonade brand to Sprecher Brewing Company.

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Source: SEC EDGAR

accession 0001493152-23-036353

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