Frequency Holdings, Inc (FRQN): M&A transaction — Yuengling's Ice Cream returns all ice cream assets to Mid Penn Bank, cancels $1.19M debt

Frequency Holdings, Inc

Company assigned all ice cream-related assets to Mid Penn Bank in exchange for cancellation of $1,191,207 in loans.
Transaction closed Jan 9, 2024; company will wind up, liquidate, and dissolve its operations.
Debt is fully satisfied; guarantors remain subject to further negotiation with the bank.
Company's Nevada charter is currently revoked due to failure to file annual reports.
Original assignor YIC Corporation signed to confirm proper title transfer to the bank.

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

Frequency Holdings, Inc completed a disposition involving Mid Penn Bank for cancelling two loans with a combined balance of $1,191,207.05 (closed 2024-01-09).

Action: disposition
Counterparty: Mid Penn Bank
Consideration: cancelling two loans with a combined balance of $1,191,207.05
Closing: 2024-01-09

Exact text from the filing

On January 9, 2024, Yuengling’s Ice Cream Corporation executed an Assignment of Assets for Cancellation of Debt Agreement with Mid Penn Bank to return its ice cream-related assets in exchange for the bank cancelling two loans with a combined balance of $1,191,207.05.

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Source: SEC EDGAR

accession 0001683168-24-000296

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