Onfolio Holdings Inc. announced on September 20, 2024, that it has entered into an asset purchase agreement to acquire a majority interest in the assets of Eastern Standard LLC. This acquisition is expected to close on October 1, 2024, and aims to bolster Onfolio's B2B digital marketing services portfolio.
Eastern Standard, a Philadelphia-based digital marketing agency, generated approximately $4,000,000 in revenue and $630,000 in unaudited adjusted EBITDA for the fiscal year ended December 31, 2023. The purchase price for 90% ownership is $2,160,000.
Onfolio will acquire 70% of Eastern Standard through $410,000 of Series A Preferred Shares and two secured promissory notes totaling $1,250,000, with an additional Special Purpose Vehicle (SPV) investing $500,000 for 20% ownership. CEO Dominic Wells stated that this acquisition will occur without Onfolio Holdings paying any upfront cash or issuing any common shares, and is expected to help the company achieve profitability.
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