Data Storage Corp. to sell cloud solutions business for $40M; retains Nexxis

Data Storage Corp

Unit purchase agreement to sell CloudFirst Technologies to Total Server Solutions for $40M base price, subject to adjustments and escrows.
Divestiture is sale of substantially all assets; DTST will retain only Nexxis Inc. ($1.1M FY2024 sales).
Closing conditions include shareholder approval, 85% employee acceptance, no Material Adverse Effect, by Nov. 8, 2025.
Supporting shareholders (~40% of stock) including CEO and President agreed to vote in favor.
2025 Annual Meeting set for Sept 10; record date Aug 7; shareholder proposal deadline extended to July 25.

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