Reviv3 completes acquisition of substantially all assets of AXIL & Associated Brands for $32.3M in stock

Axil Brands, Inc.

Purchase price: 73.2M common shares and 250M non-voting Series A Preferred shares, aggregate value $32.3M.
Valuation reflects 25.9% discount to average closing price over 22-day period ended April 29, 2022.
Preferred shares cannot be converted or transferred for two years; conversion capped at 5% ownership thereafter.
Intrepid Global Advisors, whose managing director is CEO Jeff Toghraie, holds 22.33% of Reviv3 common stock.
Acquisition excludes Axil's hearing aid line of business; Axil continues to operate that segment.

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