InterCloud Systems, Inc. (OTCMKTS:ICLD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On February 6, 2018, InterCloud Systems, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Agreement”) with Spectrum Global Solutions, Inc. (“Spectrum”), a Nevada corporation. to the terms of the Agreement, the Company agreed to sell, and Spectrum agreed to purchase, all of the issued and outstanding capital stock and membership interests of ADEX Corp., ADEX Puerto Rico, LLC and ADEXCOMM (“ADEX”).
The purchase price Spectrum will pay for ADEX will include $3,000,000 in cash, of which $2,500,000 will be paid at closing and $500,000 will be retained by Spectrum for 90 days in order to satisfy any outstanding liabilities of ADEX incurred prior to the closing date, and the issuance to the Company of a one-year convertible promissory note in the aggregate principal amount of $2,000,000, which accrues interest at a rate of 6% per annum.
The foregoing description of the Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the Agreement attached here to as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
INTERCLOUD SYSTEMS, INC. ExhibitEX-10.1 2 f8k020618ex10-1_intercloud.htm STOCK PURCHASE AGREEMENT,…To view the full exhibit click
About InterCloud Systems, Inc. (OTCMKTS:ICLD)
InterCloud Systems, Inc. is a provider of cloud networking orchestration and automation for software-defined networking (SDN) and network function virtualization (NFV) cloud environments. The Company operates through four segments: applications and infrastructure, professional services, managed services and cloud services. The applications and infrastructure segment provides engineering and professional consulting services, and voice, data and optical solutions. The professional services segment provides outsourced services to the wireless and wireline industry and information technology industry. The cloud services segment provides cloud computing and storage services to customers. The managed services segment provides hardware and software products to customers, and provides maintenance and support for those products. It offers its solutions to the telecommunications service provider (carrier) and corporate enterprise markets through cloud solutions and professional services.