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Eightco Holdings Inc. (NASDAQ:OCTO) (the "Company" or "Eightco") today announced that the former owners ("F8 Members") of Forever 8 Fund, LLC ("Forever 8") have agreed, effective as of March 17, 2024, to cancel their right to receive certain earnout consideration provided for under the September 2022 Membership Interest Purchase Agreement between the Company and Forever 8 ("Earnout") whereby the Company acquired Forever 8. The Earnout was fair valued at $6.1 million and had a potential cash value of up to $37 million.
The Company expects that the cancellation of the Earnout, together with the other recently announced transactions, will result in an improvement of over $7 million to the Company's shareholder's equity.
"Given the ongoing success and growth of Forever 8 and my alignment as a shareholder, I believe the cancellation of the Earnout puts the Company in a stronger position regarding both its balance sheet and capital structure," said Paul Vassilakos, CEO of Eightco and President of Forever 8. "I continue to believe that optimizing the Company's capital structure and balance sheet remains a high priority due to its importance in laying a strong foundation for growth."
Posted In: OCTO
