SOHM Inc (SHMN)

[SLC-JD]

Unfortunately, this is not accurate. The deal is not "closed" until both parties have performed their respective obligations as described in the definitive agreement.

I offer to buy your company, you agree to sell it for $X. We execute an agreement memorializing these terms, and stipulating a timeframe (along with any other material terms). If I fail to pay you $X in the time specified, I am in material breach of the agreement, and (generally speaking) it may be terminated, or modified by the parties.

The deal is not "closed" until I have paid you $X and satisfied any other requirements I may have (likewise, you as the seller may have certain obligations under the agreement that must be performed before the agreement has been satisfied, and the transaction has closed.