ALLIANCE MMA, INC. (NASDAQ:AMMA) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 2, 2017, Alliance MMA, Inc. (the Company) entered into an
Asset Purchase Agreement to which it has acquired the mixed
martial arts (MMA) promotion business of Undisputed Productions,
LLC, doing business as National Fighting Championships or NFC
(NFC). The aggregate purchase price for the acquisition was
$700,000, of which $140,000 was in the form of cash and $560,000
was in the form of shares of the Companys common stock valued at
$2.05 per share, for a total of 273,304 shares. In connection
with the acquisition, 81,991 shares of the common stock issuable
as part of the purchase price will be placed in escrow to secure
the financial performance of the NFC promotion business following
the acquisition. In the event that the gross profit of the NFC
promotion business is less than $100,000 during the 12-month
period following the acquisition, all 81,991 shares will be
forfeited and cancelled.
The foregoing description of the acquisition of the NFC promotion
business is a summary only and is qualified in its entirety by
reference to the complete text of the Asset Purchase Agreement
filed herewith as Exhibit 10.1 and incorporated herein by
reference.
ITEM 7.01 REGULATION FD DISCLOSURE
On May 3, 2017, the Company issued a press release announcing the
closing of the acquisition of the mixed martial arts promotion
business of NFC. A copy of the press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
The information under this Item 7.01 and in Exhibit 99.1 in this
Current Report is being furnished and shall not be deemed filed
for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that
Section. The information under this Item 7.01 and in Exhibit 99.1
in this Current Report shall not be incorporated by reference
into any registration statement or other document to the
Securities Act of 1933, as amended.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) | Exhibits. | |
| 10.1 |
Asset Purchase Agreement, dated as of May 2, 2017, by and among Undisputed Productions, LLC, Dave Oblas and Alliance MMA, Inc., with exhibits and schedules. |
|
| 99.1 | Press Release dated May 3, 2017. |
About ALLIANCE MMA, INC. (NASDAQ:AMMA)
Alliance MMA, Inc. is a mixed martial arts organization offering the premier developmental league for mixed martial arts (MMA) fighters to advance to the sport’s highest level of professional competition. The Company was formed to acquire the businesses of the Target Companies and the media libraries of two prominent mixed martial arts, or MMA, promotions. By combining the Target Companies, it intends to create a developmental league for professional MMA fighters and a feeder. ALLIANCE MMA, INC. (NASDAQ:AMMA) Recent Trading Information
ALLIANCE MMA, INC. (NASDAQ:AMMA) closed its last trading session at with 140,152 shares trading hands.
