Avant Brands subsidiary GreenTec Holdings closed its acquisition of the remaining 50% equity stake in Avant Brands K1 Inc. ("Avant K1") from MENA Investment Network Inc. (the "Vendor") on March 14, 2023, pursuant to a share purchase agreement among Avant, GreenTec and the Vendor dated March 14, 2023 (the "Agreement").
"Completing the acquisition of Avant K1 is the final step in order to complete our short-term growth strategy," said Norton Singhavon, Founder and CEO of Avant. "We believe that the culmination of our recent acquisitions will establish a strong foundation for Avant's growth as we continue to trend towards the path of profitability."
The aggregate purchase price payable pursuant to the terms of the Agreement was equal to approximately $4.56 million.
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