RENEWABLE INNOVATIONS, INC.: M&A transaction — Renewable Innovations sells renewable business assets for $4.7M; faces lawsuit to block deal

RENEWABLE INNOVATIONS, INC.

Sold assets of renewable innovation business to Renewable Energy, LLC for total consideration of $4,685,216.
Consideration includes $2.43M cash, assignment of $1.08M promissory notes, and $1.17M cash advances already made.
Renewable Innovations received 2% equity in Buyer; will enter Reseller Agreement to continue selling branded products.
Class action lawsuit filed Sep 27, 2024 in Utah federal court alleges securities law violations and seeks to block transaction; company says it's without merit.

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

RENEWABLE INNOVATIONS, INC. completed a disposition involving Renewable Energy, LLC for total consideration equal to $4,685,216 (closed 2024-10-15).

Action: disposition
Counterparty: Renewable Energy, LLC
Consideration: total consideration equal to $4,685,216
Closing: 2024-10-15

Exact text from the filing

The Parties will work together to generate business for their mutual benefit. As consideration for the sale of the Renewable Business, we received total consideration equal to $4,685,216 in the form of (a) the assignment of $1,077,922 in promissory notes owed by us to C. Brilliant, LLC to Buyer, which notes were cancelled, (b) $1,173,378 in cash advances already

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Source: SEC EDGAR

accession 0001493152-24-041747

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