T, Is this the part. About the same time line but not sure if this is what you are referring too. LJ
? DOPE Media: On September 21, 2018, Hightimes Holding and Wilshire & Veteran Media Corp., a newly formed acquisition subsidiary of the Company (“W&V”), entered into an agreement with DOPE Media, Inc., a Delaware corporation (“DOPE”), to acquire substantially all of DOPE’s assets and business. DOPE is in the business of operating a consumer media platform delivering content through print, web, social media and live events relating to the cannabis industry in jurisdictions where the growing and sale of cannabis is legal. The assets included all inventory, contracts and contract rights, accounts receivable, intellectual property and employees. At closing of the acquisition, W&V assumed certain scheduled operating liabilities of DOPE. In addition to the assumed liabilities, the purchase price for the DOPE assets and business is valued at $11,200,420, of which $10,000,420 is payable in the form of 909,129 shares of Hightimes Holding’s Class A Common Stock, valued at $11.00 per share (the initial per share offering price in the Company’s Public Offering), $1,000,000 was paid in cash and $200,000 payable in cash ten days after completion of the Public Offering.
On the date of execution of the asset purchase agreement with DOPE, Trans-High made a $1,000,000 secured loan to DOPE to retire certain secured debt of DOPE and provide working capital to the seller. At closing, W&V assumed the $1,000,000 note of DOPE to Trans-High which was deemed part of the purchase price. The $1,000,000 was obtained by virtue of an increase in the existing senior secured credit facility of the Company and its subsidiaries with ExWorks.
The acquisition of the DOPE Media assets was consummated on October 10, 2018, at which time the 909,129 shares of Class A Common Stock were placed in escrow and are subject to increase or decrease to provide $10,000,420 in value following consummation of the Public Offering based on the 10-day volume weighted average per share price of the Class A Common Stock calculated from the date on which trading of such shares commences.
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