FLYWHEEL ADVANCED TECHNOLOGY, INC. (FWFW): M&A transaction — Flywheel Advanced Technology sells Mega Fortune subsidiary for 9.38% stake in Elison Virtus

FLYWHEEL ADVANCED TECHNOLOGY, INC.

Sold all 100,000 shares of Mega Fortune Company Limited to Mericorn Company Limited for HKD56,360,000 (approx. $7,230,000).
Purchase price satisfied by transfer of 938 shares (9.38% equity) of Elison Virtus Company Limited, a wealth management firm.
Transaction completed July 5, 2024; related party involvement: CEO's spouse owns 25% of buyer.
Pro forma gain on sale estimated at $3.8 million; assets and liabilities of Mega Fortune eliminated from balance sheet.
Company retains minority stake in Elison; IoT business (QBS System) divested.

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

FLYWHEEL ADVANCED TECHNOLOGY, INC. completed a disposition involving Mericorn Company Limited for HKD56,360,000 (closed 2024-07-05).

Action: disposition
Counterparty: Mericorn Company Limited
Consideration: HKD56,360,000
Closing: 2024-07-05

Exact text from the filing

(the “ Shares ”) of the Company, representing all of the issued and outstanding equity securities of the Company, to the Buyer. The aggregate purchase price of the Shares was HKD56,360,000 (the “ Purchase Price ”). The Buyer transferred to the Seller 9.38% of the total issued and outstanding equity of Elison (938 shares) in satisfaction of the Purchase Price.

View on SEC.gov

24 m&a transactions filed in the last 30 days. Browse all m&a transactions →

FLYWHEEL ADVANCED TECHNOLOGY, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-026903

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.