Titan Environmental Solutions Completes Asset Acquisition
Ticker: TESI · Form: 8-K · Filed: Nov 1, 2024 · CIK: 1514056
| Field | Detail |
|---|---|
| Company | Titan Environmental Solutions INC. (TESI) |
| Form Type | 8-K |
| Filed Date | Nov 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1,000,000, $250,000, $750,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, assets
TL;DR
Titan Environmental Solutions just bought assets from 06 Technology. Big moves ahead?
AI Summary
Titan Environmental Solutions Inc. announced on October 31, 2024, the completion of its acquisition of assets from 06 Technology. The company, formerly known as TRAQIQ, INC., is incorporated in Nevada and its fiscal year ends on December 31.
Why It Matters
This acquisition signifies a strategic move by Titan Environmental Solutions to expand its asset base, potentially impacting its service offerings and market position.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, valuation, and potential unforeseen liabilities.
Key Players & Entities
- Titan Environmental Solutions Inc. (company) — Registrant
- 06 Technology (company) — Acquired Assets From
- TRAQIQ, INC. (company) — Former Company Name
- October 31, 2024 (date) — Date of Earliest Event Reported
FAQ
What specific assets were acquired from 06 Technology?
The filing does not specify the exact nature or value of the assets acquired from 06 Technology.
What is the financial impact of this acquisition on Titan Environmental Solutions?
The filing does not provide details on the financial terms or the expected financial impact of the acquisition.
When did the acquisition officially close?
The acquisition was completed on October 31, 2024.
What is the business of 06 Technology?
The filing identifies 06 Technology under the SIC code 7371 for SERVICES-COMPUTER PROGRAMMING SERVICES, but does not provide further details on its specific business.
Are there any material definitive agreements related to this acquisition mentioned?
The filing indicates an 'Entry into a Material Definitive Agreement' as an item information, suggesting such agreements exist, but their details are not provided in this excerpt.
Filing Stats: 810 words · 3 min read · ~3 pages · Grade level 12.6 · Accepted 2024-11-01 16:47:53
Key Financial Figures
- $1,000,000 — of Recoup for a purchase price equal to $1,000,000, which consisted of a promissory note o
- $250,000 — he Purchaser in the principal amount of $250,000 and the cancellation and release by cer
- $750,000 — the Company in the aggregate amount of $750,000. The Purchase Agreement contained stand
Filing Documents
- form8-k.htm (8-K) — 43KB
- ex10-1.htm (EX-10.1) — 317KB
- 0001493152-24-043347.txt ( ) — 582KB
- triq-20241031.xsd (EX-101.SCH) — 3KB
- triq-20241031_lab.xml (EX-101.LAB) — 33KB
- triq-20241031_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. As described under Item 1.01 of this Current Report on Form 8-K, on October 31, 2024, the Company completed the sale of its ownership interest in Recoup in exchange for a promissory note of the Purchaser in the principal amount of $250,000 that matures on December 31, 2024 and the forgiveness of an aggregate of $750,000 of indebtedness of the Company by certain affiliates of the Purchaser. The foregoing does not constitute a complete summary of the terms of the Purchase Agreement or the transactions contemplated thereby, and reference is made to the disclosures contained in Item 1.01 hereof and the complete text of the Purchase Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K, which are incorporated by reference herein. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 10.1* Stock Purchase Agreement dated October 31, 2024 among Titan Environmental Solutions, Inc., Recoup Technologies, Inc. and Recoup Partners, LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Schedules, exhibits and similar supporting attachments or agreements to the Stock Purchase Agreement are omitted pursuant to Item 601(b)(2) of Regulation S-K. We agree to furnish a supplemental copy of any omitted schedule or similar attachment to the Securities and Exchange Commission upon request.
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 hereunto duly authorized. Date: November 1, 2024 TITAN ENVIRONMENTAL SOLUTIONS INC. By: /s/ Glen Miller Glen Miller Chief Executive Officer