Highest-materiality recent filing
Arthur L. Smith returns as CEO of Digerati Technologies; interim CEO Craig K. Clement steps down
On Aug 6, 2024, Arthur L. Smith re-appointed as CEO after medical leave since Oct 2023.
Digerati extends Post Road forbearance to Nov 2024; secures $2M revolver
Third Forbearance Agreement extends Post Road loan maturity to Nov 17, 2024; forbearance on existing defaults.
CEO Arthur L. Smith's temporary medical leave effective October 6, 2023 due to recent surgery.
Share reserve under 2015 Equity Plan increased from 7.5M to 15.0M shares.
Digerati Technologies capitalizes ~$1.9M unpaid interest; extends Term Loan C maturity to Nov 2023
Capitalized all accrued cash interest (~$1.86M) and amendment fee ($59k) into principal; outstanding ~$36.9M.
Digerati Tech terminates merger with MEOA after Nasdaq halt and missed June 15 deadline
Digerati terminated Business Combination Agreement with MEOA on June 15, 2023; deal did not close by termination date.
Digerati postpones special meeting on MEOA merger to on or before June 30, 2023
Special meeting to approve business combination with MEOA postponed to a date on or before June 30, 2023.
Digerati and MEOA amend merger deal: deadline extended to June 15, note cap raised to $3.5M
Termination date extended from May 30 to June 15, 2023; Digerati no longer obligated to fund MEOA extension costs.
Digerati postpones special meeting on MEOA merger again, to a date on or before June 12
Special meeting postponed to a date on or before June 12, 2023; date TBD with 48-hour advance notice.
Digerati postpones special meeting on business combination to May 31
Special meeting postponed from May 25 to May 31, 2023 at 2:00 p.m. EDT.
Digerati postpones shareholder meeting on SPAC merger to May 26
Special meeting of stockholders postponed to May 26, 2023 at 11:00 a.m. EDT.
Digerati Technologies issues $330K in convertible notes to MGR and Lucas Ventures
Issued $275,000 convertible note to MGR Limited Partnership; net proceeds $250,000 after $25,000 OID.
Digerati extends MEOA merger outside closing date to May 31 via seventh credit amendment
Seventh Amendment extends MEOA Merger Outside Closing Date from April 28 to May 31, 2023.
Digerati and MEOA extend business combination deadline to May 30, 2023
Amendment No. 3 signed May 1, 2023, extends Termination Date from April 28 to May 30, 2023.
Digerati enters $302k convertible notes, increases Post Road facility to $3.5M
Issued $192k April Note to Mast Hill Fund ($159.2k net); warrant for 1,207,186 shares; 241,500 commitment shares.
Digerati Q2 FY2023 revenue up 98% to $7.94M, net income $0.22M vs loss; Merger with MEOA on track
Revenue $7.941M, +98% YoY; gross margin 62.6% vs 61.4%.
Digerati provides update on $105M enterprise value merger with MEOA; Q2 CY2023 close targeted
Enterprise valuation of $105 million for Digerati; boards of both companies approved the deal.
Digerati and MEOA extend merger deadline to April 28, 2023; waive certain past non-compliance
Termination date extended from Feb 25, 2023 to April 28, 2023.
Digerati amends SPAC merger agreement; implied equity value raised to $71.1M
Equity value increased from $68.7M to $71.1M, reflecting 240,000 shares to Maxim for advisory services.
Digerati enters Fourth Amendment with Post Road, consents to SPAC merger and bridge loans
Post Road consents to Digerati's merger with SPAC MEOA, contingent on bridge loan repayment at closing.
Digerati Technologies issues $1.68M in convertible debt; up to 18.2M shares issuable
Issued two unsecured convertible notes totaling $1.2M gross proceeds; principal $660K each, 10% interest, due May 24, 2023; convertible at $0.10/share, up to 13.2M shares.
Digerati provides update on NASDAQ listing via MEOA merger; $105M valuation, Q1 2023 close target
MEOA filed S-4 registration statement on Nov 30, 2022; Charter Amendment approved by MEOA shareholders on Nov 29, 2022.
Issued unsecured promissory note for ~$1.67M principal (with $250.5K OID) to Mast Hill Fund; net proceeds ~$1.42M.
Digerati extends forbearance with Post Road through Nov 15, 2022 as defaults continue
Forbearance period extended to Nov 15, 2022, covering existing and anticipated defaults.
Digerati to merge with SPAC MEOA, renamed Digerati Holdings; investor presentation filed
Business Combination Agreement entered Aug 30, 2022 with MEOA (SPAC) and Merger Sub.
Digerati Technologies signs Business Combination Agreement with SPAC MEOA; expected close Q4 2022
Merger of MEOA Merger Sub with Digerati; Digerati survives as wholly-owned subsidiary of MEOA, renamed Digerati Holdings, Inc.
Digerati Technologies enters equity purchase agreement for up to $5M with Peak One Opportunity Fund
Company may direct Peak One to buy up to $5M of common stock in multiple tranches over 24 months.
Digerati files audited financials for acquired Next Level; FY2021 rev $11.6M, net loss $472K
Total consideration for Next Level acquisition approximately $20M ($14M cash, $2.5M note, $3.5M stock).
Digerati acquires NextLevel Internet for up to $12.9M; expects $31.5M annualized revenue
Total purchase price up to $12.9M: $8.9M cash, $2M unsecured notes, $2M convertible notes.
Digerati amends 8-K with Skynet Telecom audited FY2021 financials; acquisition closed Dec 31, 2021
Skynet FY2021 revenue $3.562M, net income $602k; Q1 FY2022 revenue $914k, net income $72k (vs $148k YoY).
Digerati posts 143% revenue growth, cites SkyNet Telecom acquisition in updated presentation
Revenue grew 143% YoY as reported on December 15, 2021.
Digerati closes $5.8M acquisition of SkyNet Telecom; adds $3.4M annual revenue
Acquired SkyNet Telecom for $5.8M: $4.1M cash, $1M stock, $600K earn-out, $100K holdback.
Digerati amends credit pact with Post Road; deletes Term Loan B, adds 3% exit fee
Amendment deletes Term Loan B and recapitalizes it; replaces Term Loan A Note with Amended & Restated Note.
Digerati files Nexogy financials; acquired UCaaS firm had $418K net loss, going concern
Nexogy FY2020 revenue $6.35M, net loss $418K, accumulated deficit $3.08M.
Digerati files ActiveServe acquisition financials; target earned $269K net on $1.95M revenue
Acquisition of ActiveServe closed Nov 17, 2020; total purchase price $2.555M in cash, note, and earn-out.
Craig K. Clement relinquished his temporary appointment as interim chief executive officer ("CEO") of Digerati Technologies, Inc. (the "Company")
the board of directors of the Company (the "Board") re-appointed Arthur L. Smith to serve as CEO of the Company, approving Mr. Smith's return to his role as CEO.
On October 6, 2023, the Board of Directors of the Company (the “Board”) appointed Craig K. Clement, the current Executive Chairman of the Company, as interim CEO during Mr. Smith’s temporary medical leave of absence.
On October 6, 2023, Arthur L. Smith, the Chief Executive Officer (“CEO”) of Digerati Technologies, Inc. (the “Company”), notified the Company that he will take a temporary medical leave of absence from his role as CEO, effective immediately, in connection with his recent surgery.
Max materiality 0.85 · Median 0.60 · Most common event m_and_a