M&A - LIVE VENTURES Inc
Form Type: 8-K
Filing Date: 2025-03-03
Corporate Action: Acquisition
Type: Update
Accession Number: 000162828025009472
Filing Summary: On March 3, 2025, Live Ventures Incorporated filed an 8-K to disclose amendments related to its acquisition of multiple entities previously reported. The acquisition is associated with Flooring Affiliated Holdings, LLC, a subsidiary of Live Ventures, acquiring Flooring Liquidators, Inc., Elite Builder Services, Inc., and others. The filing refers to a Memorandum of Understanding (MOU) signed on February 25, 2025, which reduced the outstanding principal on a related note from $34 million to $15 million, contingent upon certain conditions. Additionally, amendments to the Employment Agreement of Stephen J. Kellogg, now part-time Vice President with a revised salary structure and performance bonus criteria, are documented. The total term of the amended agreement extends until February 25, 2028, with specific conditions for termination and bonus eligibility outlined, linking Kellogg's entitlements to the financial performance of Buyer over the next several fiscal years.
Additional details:
Title Of Each Class: Common Stock, $0.001 par value per share
Trading Symbol: LIVE
Name Of Exchange: The NASDAQ Stock Market LLC
Aggregate Outstanding Principal Of Note Reduction: $34 million to $15 million
Performance Bonus Condition: $5 million if adjusted EBITDA is at least $10 million
Employment Agreement Term: until February 25, 2028
Kellogg Title: Founder and Vice President
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