YCRM subsidiary acquires Singer Networks assets for $121K cash and 750K preferred shares

Frequency Holdings, Inc

Cash consideration $121,413 paid at closing; proceeds used to retire Singer's line of credit with JPMorgan Chase.
750,000 YCRM preferred shares (stated value $1 each) to be issued to Singer within 60 days; restricted for 12 months then convertible to common.
Singer Networks is an Illinois managed services provider; key employees will be hired by ReachOut and receive incentive preferred shares.
Total deal value approximately $871,000 based on $1 stated value of preferred shares plus cash.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Frequency Holdings, Inc entered into Asset Purchase Agreement with Singer Networks L.L.C. valued at $121,413 (effective 2024-04-08).

Action: entry
Agreement: asset purchase
Counterparty: Singer Networks L.L.C.
Value: $121,413
Effective: 2024-04-08

Exact text from the filing

On April 8, 2024, ReachOut Technology Corp. (“ReachOut”), a wholly-owned subsidiary of Yuengling’s Ice Cream Corporation (the “Company” or “YCRM”) entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Singer Networks L.L.C., an Illinois limited liability company (“Singer”), pursuant to which Lisa Singer, (the sole member of Singer) agreed to sell 100% of the assets of Singer to the Company in exchange for $121,413, which was paid by ReachOut to Seller at Closing on April 9, 2024, and 750,000 newly created preferred shares in the Company, each share of which shall have a stated value of $1.00, (the “Preferred Shares”).

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Frequency Holdings, Inc filing history →

Source: SEC EDGAR

accession 0001829126-24-002524

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