AcquisitionsJul 31, 2026, 05:22 PM
ONAR Amends LOI for Advertise Purple Acquisition, $1M Down Payment
AI Summary
ONAR Holding Corporation and Advertise Purple, Inc. have amended their Letter of Intent for the proposed acquisition of Advertise Purple. As part of the amendment, ONAR has made a $1,000,000 down payment towards the purchase price. This down payment is generally non-refundable, except under specific conditions where Advertise Purple fails to proceed with the transaction. The amendment also sets an Outside Date of August 27, 2026, for the execution of the definitive purchase agreement, after which the LOI will automatically terminate.
Key Highlights
- ONAR Holding Corp. and Advertise Purple, Inc. entered into Amendment No. 1 to the Letter of Intent.
- ONAR agreed to pay Advertise Purple a $1,000,000 down payment for the acquisition.
- The down payment will be credited against the purchase price upon closing of the Proposed Purchase Agreement.
- The down payment is refundable only if Advertise Purple fails to sign or consummate the closing within 5 business days of notice.
- The down payment is non-refundable if ONAR elects not to proceed or the transaction is not consummated for other reasons.
- The Proposed Purchase Agreement must be executed by August 27, 2026 (Outside Date) or the LOI terminates.
Price Impact
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