Pioneer Custom Electric Products Corp. asset purchase agreement
Company: CleanSpark
The claim, verbatim
CleanSpark will acquire specified assets from Pioneer Custom Electric Products Corp. including accounts receivable, inventory, equipment, furniture, fixtures, brand license, customer contracts, and customer lists. Closing expected December 31, 2018. Consideration: 7,000,000 shares at $0.80/share ($5.6M), five-year warrant for 1,000,000 shares at $1.60/share, five-year warrant for 1,000,000 shares at $2.00/share, 18-month promissory note equal to net carrying value, and equipment lease agreement.
Source (primary)
CleanSpark 424B5 filed 2018-12-14 (SEC EDGAR, sec_filing)
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Quote: “We recently entered into an asset purchase agreement with Pioneer Custrom Electric Products Corp., as amended, and will acquire the following assets: All accounts receivable, less appropriate allowance for doubtful accounts; All trade accounts payable and accrued liabilities; All inventory; Small tools; Furniture and fixtures; Fee-Free license agreement for use of the Pinoeer's brand name; and All purchase orders, customer contracts, and client list(s)... In exchange for the assets, we agreed to the following consideration: an 18-month promissory note in the principal amount equal to the net carrying value of the current assets and liabilities of the business; an equipment lease agreement, which shall provide for the lease of the equipment; 7,000,000 shares of our Common Stock based on an agreed upon value of $0.80 per share, for a total agreed upon value of $5,600,000; a five-year warrant to purchase 1,000,000 shares of our Common Stock at an exercise price of $1.60 per share; and a five-year warrant to purchase 1,000,000 shares of our Common Stock at an exercise price of $2.00 per share. The closing of the transactions contemplated by the Purchase Agreement is currently expected to occur on December 31, 2018”
How we checked this
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Additional evidence
confirms CleanSpark 424B5 filed 2018-12-14
Quote: “We recently entered into an asset purchase agreement with Pioneer Custrom Electric Products Corp., as amended, and will acquire the following assets: All accounts receivable, less appropriate allowance for doubtful accounts; All trade accounts payable and accrued liabilities; All inventory; Small tools; Furniture and fixtures; Fee-Free license agreement for use of the Pinoeer's brand name; and All purchase orders, customer contracts, and client list(s)... In exchange for the assets, we agreed to the following consideration: an 18-month promissory note in the principal amount equal to the net carrying value of the current assets and liabilities of the business; an equipment lease agreement, which shall provide for the lease of the equipment; 7,000,000 shares of our Common Stock based on an agreed upon value of $0.80 per share, for a total agreed upon value of $5,600,000; a five-year warrant to purchase 1,000,000 shares of our Common Stock at an exercise price of $1.60 per share; and a five-year warrant to purchase 1,000,000 shares of our Common Stock at an exercise price of $2.00 per share. The closing of the transactions contemplated by the Purchase Agreement is currently expected to occur on December 31, 2018”