SALEEN AUTOMOTIVE, INC. (OTCMKTS:SLNN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On May 31, 2019, Saleen Automotive, Inc. (the “Company”), entered into an Asset Purchase Agreement (the “Purchase Agreement) with S7 Supercars LLC (the “Seller”), to which the Seller sold to the Company all of the Seller’s assets, which consisted of chassis and other automotive parts relating to the manufacture of the S7 supercar, and related goodwill and intellectual property (the “S7 Assets”), for an initial cash purchase price of $800,000. In addition, the Company is required to pay the Seller up to four additional payments of $50,000 each, upon sales by the Company of S7 supercars within the two-year period following the closing, subject to the conditions provided for in the Purchase Agreement.
to the Purchase Agreement, the Joint Venture Agreement between the Company and Seller dated October 2016 terminated, except for indemnification obligations of the Company thereunder.
As previously disclosed, S7 Supercars, LLC is owned and controlled by affiliates of David Weiner and Leslie Edelman, two of the Company’s principal stockholders.
The information set forth above is qualified in its entirety by reference to the actual terms of the Purchase Agreement, which has been filed as Exhibit 10.1 to this Current Report on Form 8-K, and which is incorporated herein by reference.
| (d) | Exhibits. |
| Exhibit 10.1 | Asset Purchase Agreement, dated as of May 31, 2019, between Saleen Automotive, Inc. and S7 Supercars LLC. |
Saleen Automotive, Inc. Exhibit
EX-10.1 2 ex10-1.htm ASSET PURCHASE AGREEMENT between S7 SUPERCARS LLC,…
To view the full exhibit click here
About SALEEN AUTOMOTIVE, INC. (OTCMKTS:SLNN)
Saleen Automotive, Inc. (Saleen) is a vehicle design, engineering and manufacturing company. The Company designs, develops, manufactures and sells various vehicles built from base chassis of Ford Mustangs, Chevrolet Camaros, Dodge Challengers and Tesla Model S vehicles. The Company focuses on the mass customization of original equipment manufacturer (OEM) American sports and electric vehicles, and the production of the United States -engineered sports cars. The Company’s Saleen-branded products include a line of muscle and electric cars, automotive aftermarket specialty parts and lifestyle accessories. The Company focuses on developing an American supercar. The Company utilizes automobile manufacturers, such as Ford, Chevrolet, Dodge and Tesla platform vehicles for its electric vehicle production. The Company’s product line of American Supercars includes the Saleen 570 and 570X Challenger, the Saleen 302 and 302SC and S351X Mustang, and the Saleen 620 and 620X Camaro.
