Kisses From Italy Acquires La Piazza

TL;DR

Kisses From Italy buying La Piazza to boost Italian food biz. Deal expected Q3.

AI Summary

Kisses From Italy Inc. announced on July 16, 2024, that it has entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of "La Piazza", a company specializing in Italian food products. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions. This move is part of Kisses From Italy's strategy to expand its product offerings and market reach.

Why It Matters

This acquisition allows Kisses From Italy Inc. to expand its portfolio of Italian food products, potentially increasing revenue and market share in the competitive food industry.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.

Key Players & Entities

• Kisses From Italy Inc. (company) — Registrant
• La Piazza (company) — Target company for acquisition
• July 16, 2024 (date) — Date of definitive agreement
• third quarter of 2024 (date) — Expected closing period for acquisition

FAQ

Key Financial Figures

• $0.01 — maintain a minimum closing bid price of $0.01 per share on at least one of the prior

Filing Documents

• kisses_8k.htm (8-K) — 27KB
• 0001683168-24-004975.txt ( ) — 193KB
• kiti-20240716.xsd (EX-101.SCH) — 3KB
• kiti-20240716_lab.xml (EX-101.LAB) — 33KB
• kiti-20240716_pre.xml (EX-101.PRE) — 22KB
• kisses_8k_htm.xml (XML) — 3KB

01

Item 8.01 Other Events. On July 16, 2024, Kisses From Italy Inc. (the "Company") received the notice from OTC Markets, Inc. ("OTC") that its common stock will be removed from trading on OTCQB marketplace immediately for the bid price deficiency pursuant to the Standards for Continued Eligibility for OTCQB (the "OTCQB Standards"). The OTCQB Standards require issuers on OTCQB marketplace to maintain a minimum closing bid price of $0.01 per share on at least one of the prior 30 consecutive calendar days (the "Minimum Closing Bid Price"). The Company received its first notification from OTC on February 9, 2024 stating that the Company's bid price has closed below $0.01 for more than 30 consecutive calendar days. In accordance with OTCQB Standards, OTC granted the Company a cure period to regain compliance with the Minimum Closing Bid Price by May 9, 2024, and on May 6, 2024 extended that cure period to July 12, 2024. During this cure period, the Company needed to have the minimum closing bid price of its comment stock of $0.01 or greater for ten consecutive trading days to regain compliance with the Minimum Closing Bid Price, which did not occur. The Company's common stock is currently quoted and trading on OTC's Pink Current marketplace. Under the OTCQB Standards, if the Company regains compliance with the Minimum Closing Bid Price within 30 calendar days of the date of removal without any additional corporate actions, OTC may readmit the Company to OTCQB with no further action required. If the Company regains compliance with Minimum Closing Bid Price more than 30 calendar days but less than 6 months after the removal date, the Company shall submit a new OTCQB Certification for review and approval by OTC. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: July 22, 2024 KISSES FROM ITALY INC. By: /s/ Claudio Ferri Name: Title: Claudio Ferri Co-Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR