On November 26, 2019, iMedia Brands, Inc. (IMBI) entered into an asset purchase agreement with FL Acquisition Company (a wholly owned subsidiary of IMBI), Float Left Interactive, Inc. (Float Left) and the stockholders of Float Left, for IMBI to acquire certain assets of Float Left. Our firm represented IMBI in the deal.
IMBI issued 1,000,000 restricted shares of IMBI common stock to Float Left and provided Float Left with the opportunity to receive up to 500,000 additional shares of IMBI common stock if the Float Left business meets certain performance metrics following closing. In exchange for the Float Left Shares, IMBI acquired substantially all of the assets of Float Left, whose business comprises connected TVs, video-based content, and application development and distribution, including technical consulting services, software development and maintenance related to video distribution.
