EV Space Firm GOe3 LLC is Acquired by Global Technologies By CIOTechOutlook Team

EV Space Firm GOe3 LLC is Acquired by Global Technologies

CIOTechOutlook Team | Wednesday, 03 January 2024, 03:31 IST

Global Technologies, Ltd., a company that acquires and redevelops distressed properties, is pleased to announce that it will expand its operations by entering the EV space by signing a non-binding Letter of Intent ("LOI") to acquire GOe3, LLC ("GOe3").

The LOI sets forth the proposed terms and conditions pursuant to which the Company and GOe3 intend to effect a business combination, as a result of which GOe3 will conduct business as a wholly-owned subsidiary of the Company (“Proposed Transaction”). The Company anticipates that the Proposed Transaction will be structured as a share-for-share exchange, with the Company’s shareholders retaining 30% and GOe3 receiving 70% of the combined Company. The Company will designate a new preferred stock to issue to the GOe3 members in exchange for the membership units. At Closing, Bruce Brimacombe will be named the Company’s President and appointed to the Company’s Board of Directors. Promptly following the closing, the Company will adopt a plan to apply for an uplist to a national exchange or the NASDAQ, as per Global Tech.

“This is an exciting and important time at the Company,” stated Fredrick Cutcher, Chief Executive Officer of Global Technologies. ”With an expected infusion of capital with the Proposed Transaction, Global Technologies should be well positioned to accelerate its new revenue opportunities in the EV space.”

The Proposed Transaction has been approved by the Company's Board of Directors and the Managing Members of GOe3 and is scheduled to close in the first quarter of fiscal year 2024. The Transaction will be regarded a "reverse merger" since the members of GOe3 will possess more than a majority of the Company's outstanding common stock after the Proposed Transaction is completed.