BIOLIFE SOLUTIONS INC (BLFS): M&A transaction — BioLife Solutions sells CBS unit to Standex for $6.1M, records $2M in stock comp and $1.5M debt repayment

BIOLIFE SOLUTIONS INC

Sold Custom Biogenic Systems (CBS) to Standex International for ~$6.1M; transaction closed Nov 14, 2024.
Incurred $2.0M compensation expense from accelerated share vesting for CBS employees; repaid ~$1.5M of CBS debt.
CBS results classified as discontinued operations; pro forma shows revenue reduction of ~$10.2M for 9mo 2024 and ~$13.6M for FY2023.
Pro forma combined with prior SciSafe sale yields continuing ops net income of $6.9M for 9mo 2024 vs historical net loss $32.6M.
Entered transition services agreement with CBS post-closing; two-year non-compete covenant.

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

BIOLIFE SOLUTIONS INC completed a disposition involving Standex International Corporation for approximately $6.1 million (closed 2024-11-14).

Action: disposition
Counterparty: Standex International Corporation
Consideration: approximately $6.1 million
Closing: 2024-11-14

Exact text from the filing

“CBS”), for the sale by the Company of all of the issued and outstanding shares of common stock (the “Shares”) of CBS to Buyer for an aggregate purchase price of approximately $6.1 million (subject to adjustment as set forth in the Purchase Agreement) (the “Transaction”). Following the execution of the Purchase Agreement, the Transaction was consummated on November

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BIOLIFE SOLUTIONS INC filing history →

Source: SEC EDGAR

accession 0001628280-24-048673

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