Brownie's Marine Group Inc (BWMG)

[geodan]

Item 1.01 Entry into a Material Definitive Agreement.

On July 30, 2021, Brownie’s Marine Group, Inc., a Florida corporation (the “Company”), entered into a binding term sheet (the “Term Sheet”) with Submersible Systems, LLC, a Florida limited liability corporation (“Submersible”), and Tierra Vista Group, LLC and Summit Holdings V, LLC (the “Sellers”), the owners of all of the membership interests of Submersible (the “Membership Interests”). Pursuant to the terms of the Term Sheet, the Company will acquire all of the Membership Interests from the Sellers for an aggregate purchase price of $1,750,000 (the “Purchase Price”), to be paid to the Sellers at closing: (i) by the issuance to the Sellers of three-year convertible promissory notes (each, a “Note”) in the aggregate principal amount of $350,000, at an interest rate of 8% per annum, with each Seller to receive a Note in the principal amount pro rata with the number of Membership Interests such Seller owns of Submersible, and (ii) by the issuance to the Sellers of an aggregate of $1,4
00,000 shares (the “Shares”) of the Company’s common stock

Huge deal. Just found this. Not familiar with company they are buying, will check out.