Ironbound Partners Fund LLC, Moyo Partners, LLC, Dakota Group Ltd. and Rise Capital Corp. entered into a securities purchase agreement to acquire 98.5% stake in Yacht Finders, Inc. from Fountainhead Capital Management Ltd. for $0.35 million.
March 22, 2022
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Ironbound Partners Fund LLC, Moyo Partners, LLC, Dakota Group Ltd. and Rise Capital Corp. (Purchasers) entered into a securities purchase agreement to acquire 98.5% stake in Yacht Finders, Inc. (OTCPK:YTFD) from Fountainhead Capital Management Ltd. for $0.35 million on March 22, 2022. Pursuant to the purchase agreement, Fountainhead Capital Management sold to purchasers an aggregate of 5.12 million shares of common stock of Yacht Finders held by it for a cash consideration. As reported, Ironbound Partners Fund acquired 3.4 million shares while Moyo Partners acquired 0.98 million shares in in Yacht Finders. Additionally, pursuant to the purchase agreement, Fountainhead contributed a promissory note issued by Yacht Finders in favor of Fountainhead in the amount of $0.83 million plus accrued interest, which as of March 17, 2002 was $0.35 million, to Yacht Finders's capital for no additional consideration.
Thomas W. Colligan, the sole director of Yacht Finders resigned as Chief Executive Officer, Chief Financial Officer, President and Treasurer, effectively immediately, and resigned from the company's board, effective on the day following the tenth day after the mailing of the Information Statement. Thomas W. Colligan authorized an increase in the number of directors on the Board from one to two and appointed Jonathan J. Ledecky as a director to fill the vacancy on the Board created by this increase. The Board appointed Ledecky as Chief Executive Officer and Chief Financial Officer of Yacht Finders and Arnold P. Kling as President, Treasurer and Secretary of Yacht Finders. Robert Diener of Law Offices of Robert Diener acted as legal advisor to Fountainhead. Jeffrey M. Gallant of Graubard Miller acted as legal advisor to Ironbound Partners Fund LLC, Moyo Partners, LLC, Dakota Group Ltd. and Rise Capital Corp. Jeffrey Gallant of Graubard Miller acted as legal advisor to Yacht Finders.
Ironbound Partners Fund LLC, Moyo Partners, LLC, Dakota Group Ltd. and Rise Capital Corp. (Purchasers) completed the acquisition of 98.5% stake in Yacht Finders, Inc. (OTCPK:YTFD) from Fountainhead Capital Management Ltd. on March 22, 2022.
Yale Transaction Finders, Inc. is a shell company. The Company intends to seek, investigate, and, if warranted, acquire one or more properties or businesses, and to pursue other related activities. The acquisition of a business opportunity may be made by purchase, merger, exchange of stock, or otherwise, and may encompass assets or a business entity, such as a corporation, joint venture, or partnership. The Company intends to seek opportunities demonstrating the potential for long-term growth as opposed to short-term earnings. The Company has no ongoing operations and has no revenues.
Ironbound Partners Fund LLC, Moyo Partners, LLC, Dakota Group Ltd. and Rise Capital Corp. entered into a securities purchase agreement to acquire 98.5% stake in Yacht Finders, Inc. from Fountainhead Capital Management Ltd. for $0.35 million.
YALE TRANSACTION FINDERS, INC. 
