SRAX Closes Sale of SRAXmd and Receives $33.5 Million in Cash Plus Additional Consideration
SRAX, Inc. (SRAX)
Last srax, inc. earnings: 11/14 04:05 pm
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Source: PR Newswire
LOS ANGELES, Aug. 7, 2018 /PRNewswire/ -- Social Reality, Inc. (Nasdaq: SRAX), a digital marketing and consumer data management and distribution technology platform company, closed on August 6, 2018 its previously announced sale of its healthcare and pharmaceutical business, SRAXmd. Terms of TransactionThe Company has sold its SRAXmd vertical to a group of institutional investors, including Halyard Capital. SRAX received $33.5 million in cash less transaction expenses. The Company will receive an additional $9 million as an earn-out upon reaching gross profit targets by December 31, 2018. SRAX maintains a 31% ownership in SRAXmd, representing $10 million in preferred shares in the new entity. The Company also repurchased 515,000 shares and 160,000 options from SRAXmd employees, significantly reducing the number of shares outstanding. This sale of SRAXmd strengthens the Company's balance sheet and serves as proof of execution of its monetization and growth stra
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- 4/2/24 - Form 8-K
- 3/6/24 - Form 8-K
- SRAX's page on the SEC website