Comstock Inc. Signs Material Definitive Agreement

TL;DR

Comstock Inc. signed a big deal on Oct 1st, filing an 8-K with financials.

AI Summary

Comstock Inc. entered into a material definitive agreement on October 1, 2024. The filing also includes financial statements and exhibits related to this agreement. The company, formerly known as Comstock Mining Inc., is incorporated in Nevada and operates in the industrial organic chemicals sector.

Why It Matters

This filing indicates a significant new agreement for Comstock Inc., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.

Key Players & Entities

• Comstock Inc. (company) — Registrant
• October 1, 2024 (date) — Date of earliest event reported
• Nevada (location) — State of Incorporation
• Comstock Mining Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.000666 — ch registered Common Stock , par value $0.000666 per share LODE NYSE AMERICAN Indica
• $1,000,000 — nsactions, GenMat will additionally pay $1,000,000 to the founder of GenMat in exchange fo
• $100,000,000 — ll of the equity of GenMat in excess of $100,000,000, or (b) the funds raised by GenMat upon

Filing Documents

• lode20241002_8k.htm (8-K) — 25KB
• ex_729226.htm (EX-10.1) — 58KB
• ex_730179.htm (EX-99.1) — 23KB
• logo.jpg (GRAPHIC) — 3KB
• logomed.jpg (GRAPHIC) — 3KB
• 0001437749-24-030748.txt ( ) — 262KB
• lode-20241001.xsd (EX-101.SCH) — 3KB
• lode-20241001_def.xml (EX-101.DEF) — 11KB
• lode-20241001_lab.xml (EX-101.LAB) — 15KB
• lode-20241001_pre.xml (EX-101.PRE) — 11KB
• lode20241002_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On October 1, 2024, Comstock Inc. (the "Company") entered into a binding letter agreement (the "Letter Agreement" with Deep Interstellar Research LLC ("DIR") and Quantum Generative Materials LLC ("GenMat") to (i) separate GenMat's materials development activities ("Materials Science Business") and space development activities ("Space Business"); (ii) assign all assets, operations, and liabilities relating to the Materials Business to GenMat; (iii) assign all assets, operations, and liabilities relating to the Space Business to GenMat Development LLC; (iv) exchange 100% of GenMat's equity in GenMat Development LLC for 100% of DIR's equity in GenMat; and (v) devise and implement a mutually agreeable transition plan to assist GenMat in developing independent operations for the Material Science Business without the need for support from assets, personnel, and vendors that are utilized by the Space Business. In connection with the foregoing transactions, GenMat will additionally pay $1,000,000 to the founder of GenMat in exchange for assignment of all rights to related intellectual properties, plus a contingent earn-out payment equal to 3% of either (a) the consideration paid in connection with the liquidation of substantially all of the equity of GenMat in excess of $100,000,000, or (b) the funds raised by GenMat upon completion of an initial public offering of GenMat at a valuation in excess of $100,000,000. Upon completion of the transactions described above, GenMat will become a 100% owned subsidiary of the Company. The foregoing summary of the terms of the Letter Agreement is not intended to be exhaustive and is qualified in its entirety by the terms of the Letter Agreement, a copy of which is attached hereto as Exhibit 10.1, which is incorporated by reference herein. A copy of the press release announcing the transactions contemplated by the Letter Agreement is attached as Exhibit 99.1 to the Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . 10.1 Letter Agreement 99.1 Press Release 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COMSTOCK INC. Date: October 7, 2024 By: /s/ Corrado De Gasperis Corrado De Gasperis Executive Chairman and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR