KonaTel sells IM Telecom membership interest to Excess Telecom for $10M; $5M earnout tied to ACP renewal

KonaTel, Inc.

Initial sale of 49% interest for $10M; net proceeds of ~$3.55M after debt payoff and holdback.
KonaTel uses proceeds to repay CCUR Loan (~$3.65M principal + interest) and ACP Financing (~$1.46M).
Second closing of remaining 51% for $100 subject to FCC approval; KonaTel retains majority until then.
ACP Renewal Earnout: additional $5M if Congress renews ACP for >4 months by Dec 31, 2024.
KonaTel enters Management, Distribution, and Operating Agreements to continue brand and service.

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