M&A - LENDWAY, INC.

Form Type: 10-Q

Filing Date: 2025-05-13

Corporate Action: Acquisition

Type: Update

Accession Number: 000155837025007580

Filing Summary: Lendway, Inc. has reported significant financial developments in its quarterly report for the period ended March 31, 2025. The company has undergone an acquisition of Bloomia B.V., which is a notable producer of fresh-cut tulips in the U.S. The acquisition has altered the primary operational focus of Lendway to align more with the flower production industry. The financial statements indicate a net income from continuing operations of $617,000, contrasting with a loss of $1,486,000 from the previous year. Additionally, the company has decided to change its fiscal year end from December 31 to June 30, resulting in a transitional report. The total assets reported as of March 31, 2025, stood at $100.5 million, showcasing an increase from $100 million at the end of the previous fiscal year. The report outlines an increase in common stock outstanding, reflecting the issuance of stock-based compensation and noncontrolling interest acquired through the acquisition of Bloomia. Overall, the financial results indicate improved operational performance despite the ongoing transitional adjustments in fiscal reporting.

Form Type: 10-K

Filing Date: 2025-03-27

Corporate Action: Acquisition

Type: Update

Accession Number: 000155837025003816

Filing Summary: On February 22, 2024, Lendway, Inc. completed the acquisition of Bloomia B.V., a notable player in the fresh cut tulip industry in the U.S. The acquisition was structured through a Delaware limited liability company, Tulp 24.1, and included a purchase price of $47.5 million financed via company cash, a credit facility, and promissory notes. Bloomia is positioned to be a principal focus for Lendway, following the sale of their legacy in-store advertising business for $3.5 million. Furthermore, the company decided to discontinue plans for a non-bank lending business, refocusing on agricultural investments. The document outlines significant operational changes, financial insights, and the overall strategic direction of Lendway.