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In a significant corporate development, TurnKey Capital, Inc. (OTC:TKCI), currently valued at $137.07 million with its stock trading at $29.68, announced today that it has entered into a material definitive agreement, acquiring technology assets from Aedan Looking Glass Inc. (ALG), a Wyoming Corporation. The company’s stock has seen a modest decline of 2.03% year-to-date. This strategic move involves the purchase of Adaptive Intelligence technology assets valued at $1,482,000, based on a 409a valuation from ALG.
The transaction, which took place on July 31, 2023, has bolstered TurnKey Capital’s position as a non-shell company, a status confirmed by a legal opinion filed with the SEC. As part of the agreement, TurnKey Capital issued 18,525,000 common shares and a share of Series B preferred stock to ALG, effectively transferring voting control to new management.
This change in control coincides with the departure of former officers and directors Neil Swartz, Timothy Hart, and Richard Paull, who resigned on the date of the asset purchase agreement. The former management team continues to hold less than 5% of the company’s common stock, which does not confer significant influence over its operations or governance.
Following the reshuffle, new officers and directors have been appointed with board approval. The new team includes Dawnte Bailey as CEO, Gary Griffes as President, Norm Thomas as CFO, Russell Ward in charge of Investor Relations, Andreas Zill as Director, and Kurt Huwig as CTO. According to InvestingPro data, the company maintains a "GREAT" Financial Health Score of 3.49, suggesting strong operational fundamentals despite the management transition.
The company’s filing did not include financial statements or pro forma financial information related to the acquisition, and it stated that there were no shell company transactions involved. The details of the Intellectual Property Purchase Agreement and the legal opinion regarding TurnKey Capital’s non-shell status, dated May 2, 2024, are documented as exhibits in the SEC filing.
This article is based on a press release statement from TurnKey Capital, Inc., and the information has been extracted from the company’s SEC filing. InvestingPro analysis reveals some challenges ahead, including weak gross profit margins and poor free cash flow yield. For detailed insights and additional ProTips about TurnKey Capital’s financial outlook, consider exploring InvestingPro’s comprehensive analysis tools.
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