Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Quality Industrial Corp.: Changed fiscal year end from December 31st to June 30th (effective 2023-08-04).
- Change
- fiscal year change
- Effective
- 2023-08-04
Exact text from the filing
On August 4, 2023, the board of directors (the “Board”) of the Company, approved a change in fiscal year end of the Company from December 31st to June 30th.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Quality Industrial Corp. terminated Petro Line Purchase Agreement with shareholders of Petro Line FZ-LLC valued at Mutual termination with each party paying its own costs; acquisition did not close. (effective 2023-08-03).
- Action
- termination
- Agreement
- equity purchase
- Counterparty
- shareholders of Petro Line FZ-LLC
- Value
- Mutual termination with each party paying its own costs; acquisition did not close.
- Effective
- 2023-08-03
Exact text from the filing
On August 3, 2023, the Company entered into a Termination Agreement and Release with Petro Line (the “Termination Agreement”), pursuant to which both the Company and Petro Line agreed to terminate the Petro Line Purchase Agreement, and to release each other from all claims associated with the Petro Line Purchase Agreement, with each party paying its own costs incurred in connection with the Petro Line Purchase Agreement.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Quality Industrial Corp. amended Amended QI Purchase Agreement with Gerab National Enterprises LLC and Mr. Saseendran Kodapully Ramakrishnan valued at Total purchase price of up to $137,000,000 in cash; payment schedule revised with smaller amounts du (effective 2023-07-31).
- Action
- amendment
- Agreement
- equity purchase
- Counterparty
- Gerab National Enterprises LLC and Mr. Saseendran Kodapully Ramakrishnan
- Value
- Total purchase price of up to $137,000,000 in cash; payment schedule revised with smaller amounts du
- Effective
- 2023-07-31
Exact text from the filing
On July 31, 2023, the parties to the QI Purchase Agreement entered into an amendment to the QI Purchase Agreement (the “Amended QI Purchase Agreement”) to revise the payment schedule for the QI Shares, which had previously become effective on March 31, 2023.
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