FOMO Corp. completed the acquisition of SMARTSolution Technologies L.P. from Mitchell Schwartz and others for $1.9 million.
February 27, 2022
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FOMO Corp. (OTCPK:FOMC) has signed a Letter of Intent to acquire SMARTSolution Technologies L.P. from Mitchell Schwartz and others on August 10, 2021. FOMO Corp. (OTCPK:FOMC) executed a definitive agreement to acquire SMARTSolution Technologies L.P. on December 13, 2021. Under the LOI terms of the offer include the issuance of one million (1,0000,000) Series B Preferred shares, three hundred million (300,000,000) common stock purchase warrants struck at $0.02 and the assumption of several hundred thousand dollars in bank debt. Mitchell Schwartz shall be retained to manage SMARTSolution Technologies. The transaction is expected to be completed by end of September 2021, subject to signing a Definitive Agreement and refinancing of SST's bank debt of approximately $0.7 million. As of December 13, 2021, the transaction is expected to close in 2021. Murphy Business & Financial Corporation LLC acted as financial advisor to SMARTSolution Technologies with a service fee of $0.05 million.
As of December 31, 2021, FOMO has extended its definitive agreement deadline to acquire SMARTsolution Technologies to January 31, 2022.
FOMO Corp. completed the acquisition of SMARTSolution Technologies L.P. from Mitchell Schwartz and others for $1.9 million on February 28, 2022. Consideration of 1,000,000 Series B Preferred shares, 300,000,000 common stock purchase warrants, and refinancing of up to $1,000,000 debt. The fair value of the Series B preferred shares and common stock purchase warrants is $910,000 based on an as converted basis of the closing price of the shares at February 28, 2022.
FOMO Worldwide, Inc. focuses on business incubation and acceleration. The Company invests in and advises emerging companies. It is developing direct investment and affiliations - a majority- and minority-owned, as well as in joint venture formats. Its subsidiaries include SMARTSolution Technologies L.P. (SST), IAQ Technologies LLC (IAQ), and Energy Intelligence Center (EIC). SST is an audiovisual systems integration company that designs and builds presentation, teleconferencing and collaborative systems for businesses, education, and nonprofits. It is focused on the sale of its technology, as well as related installation services through its wholly owned subsidiary SST. IAQ provides services and equipment that focus on the air quality within and around buildings and structures, especially it relates to the health and comfort of building occupants. EIC focuses on energy efficiency consulting and sustainability solutions. In addition, it markets and sells clean air disinfection products.