SinglePoint Inc. completed the acquisition of 80.1% stake in The Boston Solar Company, LLC.
SinglePoint Inc. (OTCPK:SING) completed the acquisition of 80.1% stake in The Boston Solar Company, LLC on April 21, 2022. The aggregate purchase price for the Purchased Interests is $6,453,608 excluding closing adjustments for working capital, debt reduction, and other holdbacks, payable as follows: $1,341,579 paid in cash at closing, issuance of a 36 month convertible seller note of $1,940,423 convertible into shares of the Company's restricted common stock based on the 60 day volume weighted price average of the Common Stock prior to such time, an aggregate of 2,005,134 shares of Company's restricted common stock, and the issuance of a two promissory notes in the aggregate principal amount of $1,976,016. Boston Solar booking $17.7 million in revenue for FY2021. The total consideration paid for the purchased interests was $6,064,858 consisting of: $2,287,168 of cash paid at closing; issuance of a note payable in 14,781,938 shares of Company common stock with a fair value of $1,252,273 ; issuance of a promissory note with a fair value of $897,306 ; issuance of a convertible promissory note with a fair value of $1,378,111 payable in cash or shares of Company common stock at the holder's option.