Replies to post #58491 on Friendable Inc (FDBL)

[BeachBum]

People are silently loading the crap out of FDBL.

Entry into a Material Definitive Agreement



On December 17, 2021, Friendable, Inc. (the “Company”) entered into an agreement to acquire substantially all the assets of Artist Republik Inc., a Delaware corporation. Artist Republik provides recording artists with independent music distribution and related services.



Artist Republik is a subscription service specifically created for music artists to obtain music distribution on certain digital platforms (such as Spotify and Apple Music) and receipt of royalties from those platforms, together with providing a marketplace to purchase beats, obtain enhanced audio production and purchase access to playlists. Its decentralized platform allows independent music artists from around the world to take control of their own careers through networking, centralized resources, and AI-based management tools. Artist Republik has attracted approximately 100,000 artists to its offerings and has operating revenues from the sales of services. Artist Republik was founded in 2018 and is headquartered in Providence, Rhode Island.



Upon closing, Friendable will issue a number of shares of Friendable common stock to Artist Republik and certain creditors of Artist Republik (the “Seller”) equal to 37% of the number of issued and outstanding shares of Freindable on the day prior to Closing. At the end of 12 months following the Closing, in the event the number of shares issued to Seller at the Closing has been diluted below 25% of the total outstanding common shares as of such date, Friendable shall issue to the Seller that additional number of shares necessary so that the number of shares issued to Seller is not less than 25% of the then-total issued and outstanding shares of the Company. For a period of 12 months from the Closing Date, the holders of the shares issued pursuant to the Acquisition Agreement shall be limited to selling not more than 10% of the average daily trading volume, in the aggregate, on any given trading day.