Pioneer Custom Electric Products Corp. asset purchase agreement
Company: CleanSpark
What the later record shows
Outcome not yet confirmed
No passage mentions Pioneer Custom Electric Products or the closing of this asset purchase. P5 lists agreements dated January 22, 2019, but does not tie them to Pioneer.
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
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)
View cached copy (2026-09-13)Live source ↗
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
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The prospectus supplement confirms the Pioneer deal terms, closing date, and consideration. However, it does not list equipment among the acquired assets; it says the equipment would be leased instead.
Confirmed in the source:
- CleanSpark entered into an asset purchase agreement with Pioneer Custom Electric Products Corp. to acquire specified assets
- The acquired assets include accounts receivable, inventory, furniture and fixtures, a fee-free license to use Pioneer's brand name, customer contracts, and client lists
- Closing was expected to occur on December 31, 2018
- Consideration included 7,000,000 CleanSpark common shares at an agreed value of $0.80 per share, totaling $5,600,000
- Consideration included a five-year warrant to purchase 1,000,000 shares at $1.60 per share
- Consideration included a five-year warrant to purchase 1,000,000 shares at $2.00 per share
- Consideration included an 18-month promissory note with principal equal to the net carrying value of the business's current assets and liabilities
- Consideration included an equipment lease agreement
We could not confirm this from the cited source:
- That CleanSpark would acquire Pioneer's equipment; the filing lists small tools among the acquired assets but provides for the equipment to be leased under an equipment lease agreement
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/827876/000166357718000553/mainbody.htm) in full (181,126 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
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”