Highest-materiality recent filing
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 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 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 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 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 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