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Heidmar, Inc., a Global Leader in Crude Oil and Refined Petroleum Marine Transportation Services, Agrees to Business Combination with Nasdaq-Listed MGO Global Inc
MGO Global Inc. (NASDAQ:MGOL) has entered into an agreement for a business combination with Heidmar, a global leader in marine transportation services for crude oil and refined petroleum. The transaction will see the combined entity operate under the Heidmar name and be listed on Nasdaq as 'HMAR'.
Heidmar's asset-light model, strong cash position, and no debt provide future growth flexibility. In 2023, Heidmar earned a net income of $19.6 million and aims to continue as a dividend-paying company. The transaction is set at a significant premium to MGO's current stock price, with shareholders receiving one PubCo share for each MGO share.
The deal includes an earnout of $30 million in shares if specific financial targets are met in 2024. The transaction is expected to close in Q3 2024, subject to customary conditions and shareholder approvals.
Heidmar's asset-light model, strong cash position, and no debt provide future growth flexibility. In 2023, Heidmar earned a net income of $19.6 million and aims to continue as a dividend-paying company. The transaction is set at a significant premium to MGO's current stock price, with shareholders receiving one PubCo share for each MGO share.
The deal includes an earnout of $30 million in shares if specific financial targets are met in 2024. The transaction is expected to close in Q3 2024, subject to customary conditions and shareholder approvals.
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GrumpyOscar : What does that mean?
Jaguar8 OP GrumpyOscar : Merger
DaTrader Jaguar8 OP : Merger usually good or bad ?
Jaguar8 OP DaTrader : Usually good depending on the financial standing of either company merging
DaTrader Jaguar8 OP : Thanks for the quick reply