Beyond Commerce, Inc. signed a definitive agreement to acquire Electric Built, Inc. for $1 million.
April 11, 2022
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Beyond Commerce, Inc. (OTCPK:BYOC) entered into a letter of intent to acquire Electric Built Inc. on April 8, 2022. Beyond Commerce, Inc. signed a definitive agreement to acquire Electric Built Inc. for $1 million on June 27, 2022. The company paid Electric Built an initial payment in the amount of $50,000 in shares of restricted common stock of Beyond Commerce in connection with the execution of a Definitive Agreement, which is being held in escrow. BYOC would acquire, for a balance of $950,000 in the form of shares of the Company's common stock, all equity of Electric Built. If the closing has not occurred prior to the termination date in the Definitive Agreement, Electric Built shall release such shares and return to the company. Remo Weber will be employed at Beyond Commerce as Chief Operating Officer on terms and conditions to be negotiated. Board of Directors and Majority Stockholder approved a resolution to change the name of the company from Beyond Commerce, Inc. to Electric Built Holdings, Inc.
The transaction has pending employment agreements, defined milestones, due diligence review and options to acquire additional assets, such as Beyond Commerce being given right of first refusal to purchase the assets, IP and all other assorted property of Electric Built's owner including Electrogistics, Inc. and other affiliated companies. The acquisition is expected to close by September 20, 2022. On September 14, 2022, the Company and Electric Built entered into a First Amendment whereby the closing date was extended until October 31, 2022. On October 24, 2022, Electric Built requested that the October 2022 Termination Date be extended, to accommodate Electric Built's need to relocate its operations, among other reasons. The Company has accepted such request and the SPA, as amended by the Amendment, is subject to the Extension.
Beyond Commerce, Inc. is primarily focused on the acquisition of big data companies in the business-to-business (B2B) Internet marketing analytics, technologies, and services. The Company is engaged in developing and deploying disruptive strategic software technology that will build on the organic growth potential and exploit cross-selling opportunities. The Company provides solutions that facilitate the exchange of information and data transactions between supply chain participants, such as manufacturers, retailers, distributors, and financial institutions, with the focus of automating potential client internal processes. The Company intends to offer services and solutions, such as content services, business process management, customer experience management, discovery, business network, and analytics.
BEYOND COMMERCE, INC. 
