M&A - GEE Group Inc.
Form Type: 8-K
Filing Date: 2025-01-10
Corporate Action: Acquisition
Type: New
Accession Number: 000147793225000128
Filing Summary: On January 3, 2025, GEE Group Inc. completed the acquisition of Hornet Staffing, Inc. by entering into a Stock Purchase Agreement with Hornet's shareholders. The company purchased 100,000 shares of Hornet, representing 100% ownership, for a total consideration of $1,500,000, which included a $1,100,000 cash payment and $400,000 in subordinated promissory notes. The notes carry a 5% fixed interest rate, with payments contingent upon meeting agreed profit metrics. The acquisition was unanimously approved by both GEE Group's and Hornet's boards. Hornet, based in Atlanta, provides staff augmentation services in various markets, including IT. Relevant documents like the Purchase Agreement and associated notes are included as exhibits in the filing.
Document Link: View Document
Additional details:
Date Of Report: 2025-01-03
Shares Acquired: 100,000
Total Consideration: $1,500,000
Cash Payment: $1,100,000
Promissory Notes Amount: $400,000
Interest Rate: 5%
First Payment Due: first anniversary
Second Payment Due: second anniversary
Company Acquired: Hornet Staffing, Inc.
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