AMERICAN BIO MEDICA CORP: M&A transaction — American Bio Medica completes sale of substantially all assets for $3M; CEO departs

AMERICAN BIO MEDICA CORP

Sale closed Feb 28, 2023; purchase price $3M, with $300K held back for indemnification claims.
Net proceeds to company $247K after paying $965K loan, $1.031M mortgage, $252K unsecured loan, and $205K taxes.
CEO Melissa Waterhouse employment terminated March 1; she will consult up to 3 months for $4K/month retainer, payment suspended.
Waterhouse deferred $92K salary and $29K current salary until ERC refund of $202K or retention fund release.
Company now seeks new line of business or business combination using publicly traded stock.

item 2.01 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Melissa A. Waterhouse

Chief Executive Officer

AMERICAN BIO MEDICA CORP

Effective: 2023-03-01
Filed: March 1, 2023, 6:59 PM ET

the employment agreement with the Company’s Chief Executive Officer/ Principal Financial Officer, Melissa Waterhouse, was terminated effective March 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Melissa A. Waterhouse was terminated as Chief Executive Officer at AMERICAN BIO MEDICA CORP.

Action: terminated
Role: Chief Executive Officer

Exact text from the filing

the employment agreement with the Company’s Chief Executive Officer/ Principal Financial Officer, Melissa Waterhouse, was terminated effective March 1, 2023.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AMERICAN BIO MEDICA CORP completed a disposition involving Healgen Scientific Limited Liability Company for $3 million (closed 2023-02-28).

Action: disposition
Counterparty: Healgen Scientific Limited Liability Company
Consideration: $3 million
Closing: 2023-02-28

Exact text from the filing

the Company’s assets. In connection with the closing of the Sale, and in accordance with the terms of the Asset Purchase Agreement, the Buyer paid an aggregate purchase price of $3 million (“Purchase Price”). $300,000 of the Purchase Price is being held back in a retention fund to cover potential indemnification claims during the six months following the close. Net

View on SEC.gov

Browse all m&a transactions →

Source: SEC EDGAR

accession 0001654954-23-002266

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.