Endonovo Therapeutics Inc (ENDV)

[Craig305]

8K announcement.

On December 3, 2023, the Company entered into a definitive Asset Purchase Agreement with SofPulse, Inc., a Delaware corporation ("SPI"), to acquire the SofPulse® Assets which represents the technology, both patented and proprietary, inventories and contract rights relating to the Company's SofPulse® Electroceutical® device as it relates to medical use. The Company has retained rights to the non-medical applications of SofPulse® and will continue the development of its tele-health business. The purchase price under the Asset Purchase Agreement shall be no less then $50 Million and shall be fixed to equal the amount of a third party evaluation of the SofPulse® Assets which will be completed before the closing under the Asset Purchase Agreement. $50 Million of the purchase price for the SofPulse® Assets will be paid by the issuance of SPI stock to the Company tentatively valued at $5 a share but to be adjusted to be equal to the per share price in SPI's IPO (which may or may not ever occur) and the balance to be in the form of cash or note. The Closing under the Asset Purchase Agreement is subject to shareholder approval by the Company and other conditions.The foregoing is only a summary of the Asset Purchase Agreement and the reader is referred to the agreement, which is an exhibit to this report for its full terms and conditions.