Eightco cancels Forever 8 earnout worth up to $37M, expects equity boost of $7M+

Eightco Holdings Inc.

Sellers irrevocably waived right to earnout consideration of up to $37M or 7M preferred units.
Earnout fair valued at $6.1M; cancellation effective as of March 17, 2024.
Company expects cancellation to improve shareholder equity by over $7M.
CEO Paul Vassilakos stated cancellation strengthens balance sheet and capital structure.

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

Eightco Holdings Inc. amended Amendment to Membership Interest Purchase Agreement with Forever 8 Fund, LLC, the Sellers, and Paul Vassilakos valued at $37,000,000 (effective 2024-05-06).

Action: amendment
Agreement: asset purchase
Counterparty: Forever 8 Fund, LLC, the Sellers, and Paul Vassilakos
Value: $37,000,000
Effective: 2024-05-06

Exact text from the filing

On May 6, 2024, Eightco Holdings Inc. (the “Company”) entered into an amendment (the “Amendment”) to the previously disclosed Membership Interest Purchase Agreement, dated September 14, 2022 (the “MIPA”), by and among the Company, Forever 8 Fund, LLC (“Forever 8”), the members of Forever 8 set forth on the signature pages thereto (the “Sellers”) and Paul Vassilakos, in his capacity as representative of the Sellers.

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Eightco Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-018032

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