10:52 AM EST, 12/13/2021 (MT Newswires) -- Urbanimmersive Inc. (UI.V) at last look fell 2.5% in early Monday trading after saying it has completed the acquisition of all the units of real estate photography agency IMOTO LLC and of Stilio LLC, which owns the real estate marketplace RocketPhoto, for a total of $5 million.
Urbanimmersive paid $1.8 million in cash at closing; $297,000 through the immediate issuance of 349,828 shares at a price of $0.85 per share; $2.7 million through issuance of 3,157,115 shares at $0.85 per share on Jan. 3, 2022; and $0.2 million as a balance of sale payable upon approval of the closing financial statements.
The consideration also includes contingent share payments totaling up to $2.3 million payable in 3 equal annual payments, conditioned on IMOTO minimum revenue growth milestones to be met over the next three years.
The acquisition is expected to significantly expand Urbanimmersive's US presence in complementary regions and allow for growth and cross-selling opportunities between IMOTO photo service customers, UI SaaS customers and RocketPhoto marketplace.
Price: 0.79, Change: -0.02, Percent Change: -2.47