Starco Brands, Inc. acquired Meow Global Networks, Inc. for $43.5 million.
February 20, 2023
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Starco Brands, Inc. (OTCPK:STCB) entered into a definitive agreement to acquire Meow Global Networks, Inc. for $29.4 million on February 14, 2023. An aggregate of up to 165,336,430 restricted shares of Class A common stock of Starco and up to 18,571,429 additional restricted shares of Class A common stock based on final determination of calculations of Soylent?s working capital, cash at closing, indebtedness at closing and certain unpaid transaction expenses in excess of the amount reimbursed by Starco. Under the terms of the transaction, Soylent will operate as a separate business unit under the Starco Brands umbrella and continue to be led by Soylent CEO Demir Vangelov. Proskauer Rose LLP and Sheppard, Mullin, Richter & Hampton LLP acted as a legal advisor to Starco Brands, Inc. Mally Collective LLC provided due diligence to Starco Brands, Inc.
Starco Brands, Inc. (OTCPK:STCB) completed the acquisition of Meow Global Networks, Inc. for $43.5 million on February 15, 2023. As consideration for the Soylent acquisition, Starco Brands reserved an (a) aggregate of up to 165.3 million restricted shares of Class A common stock to Soylent shareholders, (b)12.6 million restricted shares of Class A common to satisfy existing Soylent obligations (c) up to 18.6 million additional restricted shares of Class A common stock based on final determination of calculations of Soylent?s working capital, cash at closing, indebtedness at closing and certain unpaid transaction expenses in excess of the amount reimbursed. Starco Brands also acquired $0.189 million of cash and cash equivalents and assumed $12.06 million of liabilities.
Starco Brands, Inc. is a consumer goods company. The Company operates in three segments: Starco Brands, Skylar, and Soylent. The Starco Brands segment is engaged in the development and sales of consumer goods products. The Starco Brands segment includes STCB, AOS, Whipshots Holdings and Whipshots LLC. The Skylar segment is involved in the sale of fragrances. The Soylent segment is engaged in the sale of nutritional products, mainly drinks. Its brands include Whipshots, the vodka-infused whipped cream; Art of Sport, the body care brand designed for athletes; Winona, the indulgent theater-popcorn spray powered by air; Skylar, the fragrance that is both hypoallergenic and safe for sensitive skin; Whipshots; and Soylent, a non-dairy nutrition brand. It commercializes consumer products manufactured by The Starco Group (TSG). TSG is a private label and branded aerosol and liquid fill manufacturer with manufacturing assets in verticals, including paints, coatings and adhesives, and household.