NXGen Brands Announces Completed BLAQclouds Control Acquisition and Zero Outstanding Debt
BLAQclouds completed its acquisition of NXGen Brands' controlling share block from Marjorie Schaefer, taking 2.178 billion common shares and 1 million preferred shares of NXGB. BLAQclouds also acquired and forgave $375,000 of NXGen convertible debt, leaving NXGen with zero outstanding debt, and new management retired one billion NXGen common shares, cutting shares outstanding from about 3.34 billion to 2.34 billion. Dr. Todd Zang was appointed NXGen CEO while retaining his BLAQclouds board seat; Shannon Hill moves to BLAQclouds CEO.
Key figures
- Deal Value Usd
- 0
- Shares retired
- 1000000000
- Total outstanding debt
- 0
- Preferred shares acquired
- 1000000
- Nxgen common shares acquired
- 2178000000
- Nxgen shares outstanding after
- 2341779566
- Nxgen shares outstanding before
- 3341779566
- Convertible debt acquired forgiven
- 375000
AI analysis
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