Tiderock Companies, Inc. cancelled the acquisition of 90% stake in Mtag Composites Limited.
May 22, 2024
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Tiderock Companies, Inc. (OTCPK:TDRK) signed a Letter of Intent to acquire 90% stake in Mtag Composites Limited for £6.75 million on February 20, 2024. The payment structure includes a promissory note of £0.99142, the issuance of 625,000 Series D Preferred Shares, and a reserve portion of the purchase price payable in cash and/or common stock at the Company's discretion after 12 months. New Series D Preferred shares, with a par value of £0.00079, will have a stated value of £7.93 and can be converted into common stock at £0.20 per share, equating to 50 common shares for each share of Series D Preferred Stock. The transaction's closing is contingent upon satisfactory due diligence, definitive agreements. Following the merger's completion, Tiderock Companies will operate under two primary divisions: manufacturing and real estate.The closing of the transaction takes place in March 31, 2024. Both parties have agreed to work towards an April 30, 2024 closing date, but have incorporated an additional 30-day extension to support the real estate transfer. As of April 2, 2024, the transaction expected completion has been extended to April 30, 2024.
Tiderock Companies, Inc. (OTCPK:TDRK) cancelled the acquisition of 90% stake in Mtag Composites Limited on May 23, 2024.
Tiderock Companies, Inc. is a diversified investment and advisory services company, specializing in real estate, land development, infrastructure, and private equity. The Company operates through two divisions: manufacturing and real estate. Under manufacturing division, the Company specializes in the manufacture of quality phenolic, epoxy, and polyester glass fiber and carbon fiber reinforced plastic moldings. Under real estate division, the Company operates through its subsidiary, Sora Ventures, LLC that is developing multiple residential projects in the Southeast United States. Its development projects include apartments, office space, hotels, student housing, assisted living and higher education academic facilities. The Company's portfolio of projects includes Rowan Boulevard Master Redevelopment in Glassboro, Student housing complex, Courtyard by Marriott, Residence Inn Baltimore at The Johns Hopkins Medical Campus, 9690 Deereco Road and Aventurra Condominiums.