Ecoark Holdings, Inc. (OTCMKTS:EARK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On March 11, 2019, Ecoark Holdings, Inc. (the “Company”), Ecoark Inc. (“Ecoark”), Pioneer Products, LLC (“Pioneer”), and Sable Polymer Solutions, LLC (the “Seller”) entered into an Asset Purchase Agreement (the “Agreement”) with Kal-Polymers Americas, LLC, (the “Purchaser”). The Seller is a wholly-owned subsidiary of the Company, through its subsidiaries Ecoark and Pioneer. to the Agreement. the Seller sold substantially all of its assets to Purchaser as described in Item 2.01. The information under Item 2.01 is incorporated into this Item 1.01 by reference.
| Item 2.01 | Completion of Acquisition or Disposition of Assets |
On March 12, 2019 (the “Closing Date”), the Seller sold substantially all of its assets other than cash and accounts receivable, to the Purchaser for an aggregate cash purchase price, paid on the Closing Date, of $800,000 (the “Purchase Price”) plus $25,000 for a deposit paid to the Seller’s landlord. Further, the Purchaser shall reimburse the Seller for certain prorated items consisting of rents, utilities, taxes and certain expenditures for equipment that were agreed with the Seller prior to the Closing Date. The Purchaser also agreed to pay to the Seller a Valuation Amount consisting of 50% of the agreed-upon value of the Seller’s inventory, equal to approximately $727,600, which shall be paid within sixty days of the Closing Date. In addition to the Purchase Price, the prorated items and the Valuation Amount, the Purchaser shall assume certain commitments of Seller, including all future lease obligations effective as of the Closing Date. The Agreement contains customary representations and warranties, closing conditions and indemnification provisions.
| Item 9.01 | Financial Statements and Exhibits. |
Ecoark Holdings, Inc. Exhibit
EX-99.1 2 f8k031119ex99-1_ecoarkhold.htm ECOARK HOLDINGS,…
To view the full exhibit click here
About Ecoark Holdings, Inc. (OTCMKTS:EARK)
Ecoark Holdings, Inc. is a technology solutions company. The Company offers technologies to fight waste in operations, logistics, and supply chains worldwide. It provides pallet-level time and temperature tracking, pre-cool prioritization and monitoring, pallet routing, real-time in-transit monitoring, remote visibility, and quality management solutions. The Company also offers Point Clouds, which creates two dimensional (2d) and three dimensional (3d) digital replications; High definition (HD) photos, a 360 degree rotational bubble image from various project perspectives; 2d Plans that plan and elevates views in CAD/PDF; and 3d models, such as Revit, CAD, Cyclone, 3dS, and others; as well as provides training and consultation services on laser scan and/or creates 2d as-builts or 3d models. In addition, it provides tech driven consumer products.
