M&A - Maison Solutions Inc.

Form Type: 10-Q

Filing Date: 2025-03-17

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025024574

Filing Summary: Maison Solutions Inc. filed Form 10-Q for the quarterly period ending January 31, 2025, reporting a significant acquisition. The company completed the acquisition of Lee Lee Oriental Supermart, Inc. on April 8, 2024, for approximately $22.2 million, including $7 million in cash and a promissory note of about $15.2 million. This acquisition expands Maison's market presence in the specialty grocery retail sector, supporting its growth strategy targeting Asian-American communities in the U.S. The company operates five subsidiaries and focuses on enhancing revenue through operational efficiencies, marketing efforts, and potential further acquisitions. Financial results for the quarter show revenue of $34.15 million and a net income of $1.01 million, although the company faces a significant accumulated deficit of about $1.36 million. The financial statements reflect improved cash flow and operational performance compared to the previous year.

Form Type: 8-K

Filing Date: 2025-03-13

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025023432

Filing Summary: On March 12, 2025, Maison Solutions Inc. entered into a note modification agreement with AZLL LLC, Lee Lee Oriental Supermart, Inc., and the Holders to modify the terms of the Senior Secured Note Agreement and Security Agreement associated with the earlier announced acquisition of Lee Lee Oriental Supermart, Inc. The modification includes revising the payment schedule and extending the maturity date of the Note to May 11, 2026, along with an annual interest rate of 8% on the outstanding principal. The Company also paid a documentation fee of $35,000 upon execution of the agreement. Additional events of default and covenants were established regarding the Loan Documents. The report incorporates the prior disclosures regarding the acquisition of Lee Lee Oriental Supermart and the creation of financial obligations related to it.

Form Type: 8-K/A

Filing Date: 2025-02-21

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025016165

Filing Summary: On February 21, 2025, Maison Solutions Inc. filed an amendment to its previous Form 8-K regarding the acquisition of Lee Lee Oriental Supermarket by its wholly-owned subsidiary, AZLL, LLC. The amendment updates Item 9.01 to include historical audited and unaudited financial statements of Lee Lee, which were omitted in the original filing. The audited financial statements cover the years ended December 31, 2022, and December 31, 2023, while the unaudited statements pertain to the three months ending March 31, 2023, and March 31, 2024. The amendment does not change any previously reported information but supplements it with the required financial documentation reflecting the acquisition completed on April 8, 2024. No pro forma financial statements were prepared as the impact of the acquisition is reflected in the Company’s Annual Report for the year ended April 30, 2024. The filing confirms the Company remains an emerging growth company.