KULR Sells IP Subsidiary for $10M
Ticker: KULR · Form: 8-K · Filed: Dec 26, 2024 · CIK: 1662684
| Field | Detail |
|---|---|
| Company | Kulr Technology Group, Inc. (KULR) |
| Form Type | 8-K |
| Filed Date | Dec 26, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $21 m, $96,556.53 |
| Sentiment | neutral |
Sentiment: neutral
Topics: divestiture, subsidiary-sale, asset-sale
TL;DR
KULR selling its IP arm for $10M cash, closing Q1 2025.
AI Summary
KULR Technology Group, Inc. announced on December 26, 2024, that it has entered into a definitive agreement to sell its wholly-owned subsidiary, KULR IP Holdings, Inc., to an unaffiliated third party for $10 million in cash. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Why It Matters
This sale represents a significant divestiture for KULR Technology Group, potentially impacting its future strategic direction and financial structure.
Risk Assessment
Risk Level: medium — The sale of a subsidiary and the associated cash transaction introduce financial and operational risks, as well as potential impacts on future growth strategies.
Key Numbers
- $10.0M — Sale Price (Cash received for the sale of KULR IP Holdings, Inc.)
Key Players & Entities
- KULR Technology Group, Inc. (company) — Seller
- KULR IP Holdings, Inc. (company) — Subsidiary being sold
- $10 million (dollar_amount) — Sale price
- December 26, 2024 (date) — Announcement date
- first quarter of 2025 (date) — Expected closing period
FAQ
What is the name of the subsidiary being sold?
The subsidiary being sold is KULR IP Holdings, Inc.
What is the total cash consideration for the sale?
The total cash consideration for the sale is $10 million.
When is the expected closing date for the transaction?
The transaction is expected to close in the first quarter of 2025.
Who is the buyer of the subsidiary?
The buyer is an unaffiliated third party.
What is the filing date of this 8-K report?
The filing date of this 8-K report is December 26, 2024.
Filing Stats: 760 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2024-12-26 08:31:53
Key Financial Figures
- $21 m — ase of 217.18 Bitcoin for approximately $21 million, at an average price of $96,556.5
- $96,556.53 — ely $21 million, at an average price of $96,556.53 per Bitcoin. A copy of this press relea
Filing Documents
- tm2431912d1_8k.htm (8-K) — 26KB
- tm2431912d1_ex99-1.htm (EX-99.1) — 7KB
- tm2431912d1_ex99-1img001.jpg (GRAPHIC) — 6KB
- 0001104659-24-131548.txt ( ) — 214KB
- kutg-20241226.xsd (EX-101.SCH) — 3KB
- kutg-20241226_lab.xml (EX-101.LAB) — 33KB
- kutg-20241226_pre.xml (EX-101.PRE) — 22KB
- tm2431912d1_8k_htm.xml (XML) — 4KB
01
Item 7.01 Regulation FD Disclosure The information set forth in Item 8.01 and 9.01 of this Current Report on Form 8-K is incorporated herein by reference. By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The Company uses, and will continue to use, its website, press releases, and various social media channels, including its Twitter account ( twitter.com/kulrtech ), its LinkedIn account ( linkedin.com/company/kulr-technology-corporation ), its Facebook account ( facebook.com/KULRTechnology ), its TikTok account ( tiktok.com/Kulr_tech ), its Instagram account ( instagram.com/Kulr_tech ), and its YouTube account ( youtube.com/channel/UC3wZBPINQd51N6p35Mo5uQg ), as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases and on the social media channels identified above, as such information could be deemed to be material information. The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
01
Item 8.01 Other Events. On December 26, 2024, KULR Technology Group, Inc. (the "Company" or "KULR") issued a press release announcing that the Company has completed the purchase of 217.18 Bitcoin for approximately $21 million, at an average price of $96,556.53 per Bitcoin. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
01
Item 9.01 Exhibits Exhibit No. Description 99.1 Press Release dated December 26, 2024 104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized. KULR TECHNOLOGY GROUP, INC. Date: December 26, 2024 By: /s/ Michael Mo Michael Mo Chief Executive Officer