Insignia Systems to sell in-store marketing business to Park Printing affiliate for $3.5M cash

BLOOMIA HOLDINGS, INC.

Asset sale price $3.5M cash, subject to post-closing adjustments; expected to close H2 2023.
Shareholders representing ~43.8% of shares signed support agreements to vote in favor of the deal.
CEO Kristine Glancy receives $78,650 at closing; CSO Adam May eligible for $65K plus $65K if stays with buyer.
Company anticipates losses in remaining 2023 quarters and full-year loss; retains non-bank lending business.
Purchase agreement includes $175,000 termination fee for certain circumstances.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Adam D. May

Chief Sales Officer

TULP · BLOOMIA HOLDINGS, INC.

Filed: May 25, 2023, 7:59 PM ET

Adam D. May, our Chief Sales Officer, is expected to terminate his employment with the Company and become an employee of the Buyer as of the Closing.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Adam D. May departed as Chief Sales Officer at BLOOMIA HOLDINGS, INC..

Action: terminate his employment
Role: Chief Sales Officer

Exact text from the filing

Adam D. May, our Chief Sales Officer, is expected to terminate his employment with the Company and become an employee of the Buyer as of the Closing.

View on SEC.gov

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

BLOOMIA HOLDINGS, INC. entered into Purchase Agreement with TIMIBO LLC valued at cash purchase price of $3.5 million (effective 2023-05-24).

Action: entry
Agreement: asset purchase
Counterparty: TIMIBO LLC
Value: cash purchase price of $3.5 million
Effective: 2023-05-24

Exact text from the filing

On May 24, 2023, Insignia Systems, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with TIMIBO LLC (“Buyer”), an affiliate of Park Printing, Inc. (“Park”), pursuant to which the Company has agreed to sell substantially all of its assets and certain liabilities relating to the Company’s business of providing in-store advertising solutions to brands, retailers, shopper marketing agencies and brokerages for a cash purchase price of $3.5 million.

View on SEC.gov

197 material agreements filed in the last 30 days. Browse all material agreements →

BLOOMIA HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001654954-23-007204

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