secwatch.observer — SEC 8-K summary
======================================

Issuer:     SOLITRON DEVICES INC (SODI)
CIK:        0000091668
Form:       8-K
Filed at:   2023-09-05T23:59:59+00:00
Accession:  0001654954-23-011547
Event type: m_and_a
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Solitron Devices acquires Micro Engineering for $3M cash and earn-out
---------------------------------------------------------------------

- Paid $2.686M cash at closing plus $300K escrowed; base purchase price $3M.
- Earn-out: 7.5% of gross revenue from Micro's existing customers over three years.
- Leased 10,926 sq ft facility for $10,650/month with 6-month option to buy at $1.75M.
- Preliminary 2022 Micro net sales $5.93M, net income $1.37M; six-month 2023 net sales $2.80M.
- Micro produces electronic components for medical industry; becomes wholly-owned subsidiary.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/91668/000165495423011547/0001654954-23-011547-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/91668/000165495423011547/sodi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-011547

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer