M&A - Cuentas Inc.
Form Type: 8-K
Filing Date: 2025-05-28
Corporate Action: Merger
Type: New
Accession Number: 000121390025048144
Filing Summary: On April 21, 2025, Cuentas, Inc. and World Mobile Group Ltd. formed a joint venture named World Mobile LLC, with Cuentas holding a 51% interest and World Mobile Group 49%. The venture aims to operate as a mobile virtual network operator. Profits and losses from the JV will be split 85% to World Mobile Group and 15% to Cuentas. Cuentas assigned its rights to a previously established services agreement to the new JV and will manage operations for specific brands. On May 22, 2025, Cuentas sold its 63.9% membership interest in Brooksville Development Partners, LLC for $800,000 to Brooksville FL Partners, LLC, which will be used to settle various judgments. The document also details settlements with creditors totaling $228,500, addressing debts and judgments against Cuentas. Additionally, personal guarantees were made by Cuentas' executives to cover debts owed to Crosshair Media Placement and other creditors.
Additional details:
Item 1 01 Date: 2025-04-21
Item 1 01 Party 1: Cuentas, Inc.
Item 1 01 Party 2: World Mobile Group Ltd.
Item 1 01 Joint Venture Name: World Mobile LLC
Item 1 01 Cuentas Interest: 51%
Item 1 01 World Mobile Group Interest: 49%
Item 2 01 Sale Date: 2025-05-22
Item 2 01 Buyer: Brooksville FL Partners, LLC
Item 2 01 Sale Price: $800,000
Item 2 01 Acquired Interest: 63.9% Class B Membership Interests
Item 8 01 Settlement Amount: $112,500
Item 8 01 Creditor Name 1: 1800 Diagonal Lending, LLC
Item 8 01 Settlement Amount 2: $28,000
Item 8 01 Creditor Name 2: Alexandra Calicchio
Item 8 01 Settlement Amount 3: $60,000
Item 8 01 Creditor Name 3: EAdvance Services LLC
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