VNUE, Inc. completed the acquisition of Stage It Corp. for $10 million
February 13, 2022
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VNUE, Inc. entered into an agreement to acquire Stage It Corp. on July 29, 2021. As of January 6, 2022, VNUE closed an additional $1.5 million equity funding from GHS Investments. Additionally, VNUE issued a warrant to GHS for an additional $1.5 million. The funding will be used toward the acquisition of Stage It. The companies expect to close within 60 days pending the completion of diligence and the required financial audit. As of August 5, 2021, VNUE announced, VNUE CEO Zach Bair will host a livestream on Stageit.com to talk to the company's shareholders and other interested parties about what the Stageit acquisition means to VNUE. As of November 10, 2021, VNUE is still in the due diligence process, and it has taken longer than expected to generate financials and an audit for the incoming business. The parties are working to structure and prepare the definitive documents to the transaction. Parties hope to enter into definitive documents and announce the same in the coming weeks. The transaction is subject to approval of VNUE shareholders. The Doney Law Firm acted as legal advisor to VNUE. Andrew Abramowitz, PLLC acted as legal advisor to Stage It.
VNUE, Inc. completed the acquisition of Stage It Corp. on February 14, 2022. The total consideration of $10 million includes (i) $0.6 million of parent advanced amount, (ii) closing indebtedness payoff amount, (iii) $0.75 million in cash, (iv) $1 million to be held for 12 months, and 135,000,000 shares.
VNUE, Inc. is a music technology company. The Company utilizes its platforms to record live concerts and commercializes the content by making the content immediately available for purchase through its Website and the Website at Set.fm, a technology platform that enables musical artists to capture, promote and sell high-fidelity recordings instantly. Additionally, it offers high-end collectible products such as compact disks (CDs), universal serial bus (USB) drives and laminates, which feature its fully mixed and mastered live concert content, through its exclusive partner DiscLive Network. Its products and services include Stage It (Stage It.com), Set.fm / DiscLive Network, and Soundstr. Through Stage It.com, the Company can livestream concerts and other events, adding to the pool of other live music-focused technology services that include concerts or other live events. It protects the rights of artists and writers with the Company's Soundstr music recognition technology (MRT).