Acquired Sales Corp. cancelled the acquisition of Fresh Farms E-Liquid, LLC.
December 15, 2021
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Acquired Sales Corp. (OTCPK:AQSP) entered into letter of intent to acquire Farms E-Liquid, LLC for $45.6 million on September 1, 2021. The letter of intent contemplates an aggregate merger consideration payable by AQSP to the owners of Fresh Farms consisting of $14.2 million in cash, plus 7,083,334 shares of AQSP's unregistered common stock based upon the $4.44 closing price per share of AQSP common stock on September 1, 2021, for an aggregate merger consideration of $45.6 million. Acquired Sales will use the cash flow generated by the its subsidiaries to fund the some portion of cash consideration in the form of debt. If the transaction closes, Fresh Farms will operate as a wholly owned subsidiary of LFTD Partners Inc. Anthony J. Devincentis, Jakob M. Audino, Forrest F. Town and John Z. Petti, co-founders and co-owners of Fresh Farms, will continue to serve as the CEO, Sales Manager, Director of Sales, and as a member of the Board of Directors of Fresh Farms and as a consultant to Fresh Farms, respectively, under multi-year employment agreements, and Anthony J. Devincentis will join AQSP's internal executive steering committee. Farms E-Liquid generated total revenue of $8 million for the year ended 2020. Pursuant to the terms of the letter of intent, AQSP's planned acquisition of Fresh Farms is subject to a number of conditions, including but not limited to completion of an acceptable due diligence investigation and audit of Fresh Farms, completion of a capital raise of at least $50 million by AQSP, execution of definitive acquisition documents, receipt of a tax opinion on the Fresh Farms merger, obtaining all necessary approvals, and the completion of all necessary securities filings. The acquisition will not close unless all of these conditions are met, which cannot be guaranteed to occur. Acquired Sales expect the transaction will be accretive to AQSP's earnings per share.
Acquired Sales Corp. (OTCPK:AQSP) cancelled the acquisition of Fresh Farms E-Liquid, LLC on December 16, 2021.
LFTD Partners Inc. is involved in the development, manufacturing and sale of a variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving nicotine, tobacco and marijuana. Its subsidiary is Lifted Made (Lifted), which manufactures and sells hemp-derived cannabinoids, psychoactive substances and other alternative lifestyle products, including nicotine products under its Urb Finest Flowers (Urb) brand. Products sold by Lifted include disposable vapes and cartridges, gummies, joints, blunts, and products containing ingredients, such as kanna, muscimol, ashwagandha and kava. Lifted sells its products online primarily through its Website: www.urb.shop. Lifted is also a manufacturer and seller of Diamond Supply Co. (www.DiamondSupplyCo.com) and Cali Sweets hemp-derived products. Lifted also manufactures and sells similar hemp-derived products to private label clients. Lifted also owns 4.99% of CBD-infused beverage and products maker, Ablis.