secwatch.observer — SEC 8-K summary
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Issuer:     AVAI BIO, INC. (AVAI)
CIK:        0001740797
Form:       8-K
Filed at:   2024-04-08T23:59:59+00:00
Accession:  0001740797-24-000013
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Avant Technologies acquires Wired4Health assets for $2.2M in secured note and preferred stock
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- Acquired full-stack software development and cloud services assets from Wired4Health for $2.2M total consideration.
- Paid $1.2M via secured promissory note (24 monthly installments of $52,427, 5% interest) and $1M in Series B Convertible Preferred Stock.
- Preferred Stock convertible at lesser of $1.00/share or 30-day VWAP, with 4.99% beneficial ownership cap and 25% daily volume leak-out.
- Assets include agreements with Sentry Data Systems/Craneware and Respec, Inc., website, employee contracts, and goodwill.
- Secured note is collateralized by acquired assets; Seller may file UCC-1 financing statement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1740797/000174079724000013/0001740797-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1740797/000174079724000013/avai_8k.htm
  HTML page:      https://secwatch.observer/filing/0001740797-24-000013

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