FOMO Worldwide acquires EcoChem Alternative Fuels North American assets for preferred stock, convertible note, earn-out

FOMO WORLDWIDE, INC.

Consideration: 5M Series B Preferred shares convertible into 50M common shares; up to 5M additional earn-out shares based on revenue milestones through 2027.
Also includes $1.5M two-year convertible note at $0.05/share with $250K cash amortizations at 6 and 12 months; $125K cash at closing.
Earn-out milestones: carbon credit accreditation, $10M rev by 2025, $23M by 2026, $52M by 2027.
Buyer must raise $6M within 18 months; closing scheduled for April 16, 2024.
Acquisition includes perpetual exclusive license to EcoChem's intellectual property for North America; seller retains international rights.

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

FOMO WORLDWIDE, INC. entered into a asset purchase with EcoChem Alternative Fuels LLC valued at five million restricted Series B Preferred shares convertible into 50,000,000 common shares, an earn (effective 2024-04-01).

Action: entry
Agreement: asset purchase
Counterparty: EcoChem Alternative Fuels LLC
Value: five million restricted Series B Preferred shares convertible into 50,000,000 common shares, an earn
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, we entered into a definitive agreement to acquire the North American assets and operations of EcoChem Alternative Fuels LLC

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Source: SEC EDGAR

accession 0001493152-24-012689

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