Onfolio Holdings Inc. Acquires Eastern Standard Business; Onfolio Purchased 70% Of Eastern Standard For A Total Of $1.66M, Through The Issuance Of $410,000 Of Series A Preferred Shares And Two Secured Promissory Notes Totaling $1.25M

Author: Benzinga Newsdesk | October 22, 2024 07:16am

Onfolio Holdings Inc. (NASDAQ:ONFO, ONFOW))))) (the "Company" or "Onfolio"), a company that acquires and manages a diversified portfolio of online businesses, today announced that it has successfully completed the previously disclosed transaction to acquire the majority interest in the assets of Eastern Standard, LLC.

Eastern Standard provides clients with digital marketing services including integrated branding, and digital customer experiences. Their past client roster includes Neil de Grass Tyson, and Cornell Law, among others.

For the fiscal year ended 12/31/2023, Eastern Standard generated approximately $4,000,000 in revenue and $630,000 in unaudited adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA").

Onfolio purchased 70% of Eastern Standard for a total of $1,660,000, through the issuance of $410,000 of Series A Preferred Shares and two secured promissory notes totaling $1,250,000. The acquisition was completed without Onfolio Holdings paying any upfront cash or issuing any common shares, and the Series A Preferred Shares and secured promissory notes issued by Onfolio are not convertible into Onfolio common shares.

Onfolio's Special Purpose Vehicles "Onfolio Agency SPV LLC" and "Onfolio Agency SPV 2, LLC," paid a combined $500,000 for a 20% interest in the Eastern Standard business.

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