GBT Technologies' subsidiary sells patents to VisionWave for $30M in stock; prior Bannix deal terminated

GBT Technologies Inc.

GBT Tokenize (50% owned by GBT) enters Patent Purchase Agreement with VisionWave for IP covering machine learning radio wave imaging ("Apollo" project).
Purchase price of $30M paid in 1,000 shares of VisionWave common stock, representing 50% of VisionWave's outstanding shares.
Final price subject to third-party valuation; if valuation <$30M, Tokenize has option to cancel the agreement.
Shares subject to 12-month lock-up period beginning at closing.
Prior $30M PPA with Bannix Acquisition Corp. terminated after Bannix's business combination with EVIE fell through on March 11, 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GBT Technologies Inc. entered into Patent Purchase Agreement with VisionWave Technologies Inc. valued at $30,000,000 (effective 2024-03-19).

Action: entry
Agreement: asset purchase
Counterparty: VisionWave Technologies Inc.
Value: $30,000,000
Effective: 2024-03-19

Exact text from the filing

Effective as of March 19, 2024, GBT Tokenize Corp. (“Tokenize”), which is 50% owned by GBT Technologies Inc. (the “Company”) entered into a Patent Purchase Agreement with VisionWave Technologies Inc. (“ VisionWave”) pursuant to which VisionWave agreed to acquire from Tokenize the entire right, title, and interest of certain patents and patent applications providing an intellectual property basis for a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and in motion objects (“VisionWave PPA”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GBT Technologies Inc. terminated Patent Purchase Agreement with Bannix Acquisition Corp. with Bannix Acquisition Corp. (effective 2024-03-19).

Action: termination
Agreement: asset purchase
Counterparty: Bannix Acquisition Corp.
Effective: 2024-03-19

Exact text from the filing

As the PPA was contingent upon Bannix closing the acquisition of the EVIE and due to the BNIX EVIE Termination Letter, on March 19, 2024 Bannix and Tokenize agreed to terminate the PPA which was consented to by the Company

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GBT Technologies Inc. filing history →

Source: SEC EDGAR

accession 0001731122-24-000474

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