secwatch.observer — SEC 8-K summary
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Issuer:     FITLIFE BRANDS, INC. (FTLF)
CIK:        0001374328
Form:       8-K
Filed at:   2023-03-01T23:59:59+00:00
Accession:  0001851734-23-000085
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FitLife Brands completes acquisition of Mimi's Rock Corp. for CAD $23.2M
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- Total cash purchase price ~CAD $23.2M; funded by cash on hand and new $12.5M term loan from First Citizens Bank.
- CAD $14.2M used to retire MRC's outstanding debt; CAD $9.0M (CAD $0.17/share) paid to MRC shareholders.
- Acquisition closed Feb 28, 2023; MRC becomes indirect wholly owned subsidiary of FitLife.
- New credit agreement: $12.5M term loan (2.75% + Term SOFR, matures Feb 2028) and $3.5M revolving line (matures Dec 2023).
- CEO Dayton Judd says acquisition will double FitLife's size with minimal leverage and no shareholder dilution.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/0001851734-23-000085-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/ftlf20230227b_8k.htm
  HTML page:      https://secwatch.observer/filing/0001851734-23-000085

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