MGO Global Inc. Announces Business Combination Agreement with Heidmar Maritime Holdings Corp

MGO Global Inc. (NASDAQ:MGOL) disclosed in a recent 8-K filing with the Securities and Exchange Commission that the company is engaged in a Business Combination Agreement with Heidmar Maritime Holdings Corp. The agreement, dated June 18, 2024, involves a business combination deal between MGO and Heidmar, as per the filings on June 20, 2024, December 19, 2024, and February 6, 2025.

As part of the Business Combination, MGO’s stockholders will exchange their shares for newly issued common shares of Holdings following the surrender of MGO common stock and Heidmar common shares. The exact number of Holdings Shares to be issued will be determined by an Issuance Ratio of 30 MGO Shares for each one Holdings Share, as effectually disclosed by Heidmar. The ratio has been carefully calculated to guarantee that the relative ownership of Holdings Shares by MGO stockholders and Heidmar Shareholders remains balanced and conducive to subsequent listing on Nasdaq.

It has been confirmed that 56,752,633 Holdings Shares will be issued at closing, with 3,212,413 Holdings Shares earmarked for the MGO stockholders, representing 5.66% of the total Holdings Shares post-closing. The remaining 94.34% will be allocated to Heidmar Shareholders and MGO’s financial advisor, amounting to 53,540,219 Holdings Shares.

At the closure of the Business Combination, MGO common stockholders are scheduled to receive one Holdings Share for every 30 MGO Shares held. In response to fractional shares, Holdings will provide a cash settlement based on the preceding day’s closing price of an MGO Share on Nasdaq, adhering to Depository Trust Corporation protocols.

The filing was officially signed by Maximiliano Ojeda, Chief Executive Officer of MGO Global Inc., as per the requirements of the Securities Exchange Act of 1934. The agreement marks a significant step for both MGO and Heidmar as they move forward with the Business Combination.

Please note that this news article is based on the information provided in MGO Global Inc.’s 8-K filing with the Securities and Exchange Commission on February 14, 2025. Investors are encouraged to refer to the original document for further details on the mentioned Business Combination Agreement.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MGO Global’s 8K filing here.

MGO Global Company Profile

MGO Global, Inc operates as a lifestyle brand portfolio company. The company is involved in the fashion design, brand development and management, sourcing and manufacturing, licensing, IP protection, corporate finance, consumer engagement and experience, ecommerce, and retail sales and marketing activities related to the Messi brand.