AcquisitionsJul 1, 2026, 04:14 PM
Radnostix Acquires Lara System for $900K; Secures $500K Convertible Note
AI Summary
Radnostix Inc. entered into an Asset Purchase Agreement to acquire the Lara System technology platform and Ellexa Explorer Software from Lucerno Dynamics, LLC for an initial $900,000, paid partly in cash and partly in common stock, with potential additional stock and cash earn-out payments based on milestones. Concurrently, the company secured a $500,000 convertible promissory note from a related party and amended several historic related-party notes totaling $1.62 million, extending their maturity by three years and introducing new conversion terms.
Key Highlights
- Acquired Lara System technology platform and Ellexa Explorer Software assets.
- Initial purchase price of $900,000, comprising $150,000 cash and $750,000 in common stock.
- Potential additional payments of $750,000 in common stock based on regulatory and sales milestones.
- Secured a $500,000 convertible promissory note from related party Kershner Grosso & Co.
- The new note carries a 5% interest rate, matures June 30, 2031, and is convertible at $0.07 per share.
- Amended historic promissory notes totaling $1.62 million, extending maturity by three years.
- Historic notes now include a voluntary conversion right at $0.07 per share and released security interests.
Price Impact
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