ARVANA INC (AVNI): M&A transaction — Arvana completes acquisition of Down2Fish Charters for $50k cash and $700k note, ceases to be shell company

ARVANA INC

Acquired Down2Fish for $50,000 cash and $700,000 promissory note at 7.25% interest, payable in 24 months.
Down2Fish operates fishing charters from Palmetto, Florida; net loss $66,726 for nine months ended Sep 30, 2022.
Arvana is no longer a shell company following the acquisition.
Down2Fish has limited revenue and operating deficits, raising substantial doubt about its ability to continue as a going concern.

item 1.01 item 2.01 item 5.06 item 7.01 item 9.01

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

ARVANA INC completed an acquisition involving LCF Salons, LLC for $50,000 in cash and a promissory note of $700,000 (closed 2023-02-03).

Action: acquisition
Counterparty: LCF Salons, LLC
Consideration: $50,000 in cash and a promissory note of $700,000
Closing: 2023-02-03

Exact text from the filing

approval of the Board, consummated the Agreement whereby Down2Fish became a wholly owned subsidiary of Arvana. We acquired Down2Fish in exchange for fifty thousand dollars ($50,000) on closing, and a promissory note in the amount of seven hundred thousand dollars ($700,000) payable twenty-four (24) months after the closing date that bears interest of seven

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ARVANA INC entered into Business Purchase Agreement with LCF Salons, LLC valued at Not disclosed (effective 2022-11-16).

Action: entry
Agreement: asset purchase
Counterparty: LCF Salons, LLC
Value: Not disclosed
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, the Company’s board of directors (“Board”) unanimously approved the terms and conditions of a Business Purchase Agreement (“Agreement”) with LCF Salons, LLC to acquire the sole outstanding membership interest in Down2Fish.

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

ARVANA INC filing history →

Source: SEC EDGAR

accession 0001607062-23-000065

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