New You Inc (fka NWYU)

[ProfitScout]

NWYU 8K Filing today: Item 1.01 - Entry into a Material Definitive Agreement

On May 17, 2021, our wholly-owned subsidiary ST Brands, Inc. (“STB”) entered into a Membership Interest Purchase Agreement (the “Agreement”) with Infinite Product Company, LLC, a Colorado limited liability company (“Infinite”). Under the Agreement, and the shareholders of STB (each a “Shareholder” and collectively the “Shareholders”). Under the Agreement, ST agreed to acquire 49% of the membership interests in Infinite, with an option to acquire the additional 51% of the membership interests in Infinite upon the fulfillment of certain conditions.

Within 15 days of execution of the Agreement, ST shall furnish funds sufficient to pay and retain a PCAOB qualified auditor for Infinite, and we shall issue and place into escrow $8.8 million worth of our common stock. Upon Infinite’s delivery of its audited consolidated financial statements for its fiscal years ended December 31, 2020 and 2019, the $8.8 million worth of New You, Inc. common stock in escrow shall be released and ST shall be required to pay the sum of $1 million in cash.

LINK:
https://www.otcmarkets.com/filing/html?id=14991600&guid=m29UkKvIC1o0nth