Dr. Foods, Inc. (OTCPK:DRFS) entered into a letter of intent to acquire Mama Foods Co., Ltd from White Knight Co., Ltd. on January 12, 2022.The consideration comprises of $0.5 million in cash coupled with the issuance of 19.5 million shares of restricted Preferred Stock to White Knight Co., Ltd. DRFS has the sole right to re-structure the $0.5 million payment due to WKC, at the time of closing, into a promissory note, due to be paid to WKC, in full, within 12 months following the time of closing of the Definitive Agreement. Currently, Mama Foods employs approximately 43 individuals. The transaction is subject to approval from the board of directors and the shareholders of DRFS, MAMA and WKC, some third-party approvals and due diligence by DFRS.
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02-12 | Dr. Foods, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023 | CI |
1st Jan change | Capi. | |
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-5.94% | 268B | |
-9.65% | 87.78B | |
-2.73% | 39.37B | |
-12.87% | 39.12B | |
-1.40% | 37.18B | |
-2.89% | 35.31B | |
-16.30% | 29.89B | |
-4.02% | 29.52B | |
+4.52% | 23.23B |
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- Dr. Foods, Inc. entered into a letter of intent to acquire Mama Foods Co., Ltd from White Knight Co., Ltd.