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LFTD Partners Inc., a hemp brand aggregator formerly known as Acquired Sales Corp. (OTCQB:AQSP), announced that it has signed a letter of intent to acquire 100% of the ownership interests of Fresh Farms E-Liquid, LLC.
The purchase includes:
The recent letter of intent contemplates an aggregate merger consideration payable by AQSP to the owners of Fresh Farms consisting of $14.16 million in cash, plus 7.08 million shares of AQSP's unregistered common stock valued at $31.45 million, based upon the $4.44 closing price per share of AQSP common stock on September 1, 2021. The total purchase price stands around $45.61 million.
LFTD Partners' planned acquisition of Fresh Farms is subject to a number of conditions, including but not limited to completion of an acceptable due diligence investigation and audit of Fresh Farms, completion of a capital raise of at least $50 million by AQSP, execution of definitive acquisition documents, receipt of a tax opinion on the Fresh Farms merger, obtaining all necessary approvals, and the completion of all necessary securities filings. The acquisition will not close unless all of these conditions are met, which cannot be guaranteed to occur.
If the transaction closes, Fresh Farms will operate as a wholly-owned subsidiary of LFTD Partners Inc.
Anthony J. Devincentis, Jakob M. Audino, Forrest F. Town and John Z. Petti, co-founders and co-owners of Fresh Farms, will continue to serve as the CEO, sales manager, director of sales and as a member of the board of directors of Fresh Farms as well as a consultant to Fresh Farms, respectively, under multi-year employment agreements. Anthony J. Devincentis will join AQSP’s internal executive steering committee.
William C. "Jake" Jacobs, CPA, president and CFO of LFTD Partners Inc. told Benzinga, “The opportunity for entrepreneur-led companies to merge with LFTD Partners Inc. is irresistible because it allows entrepreneurs to 'go public' while at the same time continuing to manage and direct their companies under our highly decentralized structure.”
LFTD Partners Inc., formerly known as Acquired Sales Corp. (OTCQB ticker symbol AQSP) is focused on acquiring rapidly growing companies that manufacture and sell branded products containing hemp-derived cannabinoids (e.g. delta-8-THC, delta-9-THC, delta-10-THC, THCV, THCO, CBDA, CBC, CBG, CBN, CBD), e-liquid, disposable nicotine vapes, kratom and kava products.
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Posted In: AQSP
