Stemtech and Viago (previously Seacret Direct) have introduced a merger.
As per a November twentieth press-release;
Upon finalization of the merger, Charles S. Arnold will proceed as Chairman of the holding firm, whereas VIÁGO’s Izhak Ben Shabat will assume the function of Chief Government Officer.
The chief management staff might be additional led by Eddie Head (from VIÁGO) as President and Chief Technique Officer and John W. Meyer (from Stemtech) as President and Chief Working Officer.
The proposed merger is predicted to be for all inventory consideration and is topic to circumstances to closing, together with required board and shareholder approvals, the finalization of definitive agreements, the audit of VIÁGO monetary statements and different customary circumstances. Stemtech and VIÁGO anticipate to finalize the definitive agreements for the merger quickly.
BehindMLM reported on Seacret Direct rebranding as Membership Viago in September. A full Viago overview is pending.
Stemtech is a publicly listed MLM firm that markets “stem cell diet merchandise”.
Stemtech filed for Chapter 11 chapter in February 2017. In March 2018, Stemtech’s chapter was transformed to a Chapter 7 liquidation.
From an August 2021 submitting with the SEC;
On Could 7, 2018, Stemtech Company bought the belongings of Stemtech Worldwide, Inc. (the “Former Guardian Firm”), out of a Chapter 7 Chapter for $400,000 and assumed a $4,000,000 be aware from RBCD Holdings Inc (previously RBCD Holding LLC) (“RBCD Holdings”), a associated occasion owned by the Firm’s Administrators (see Notice 14), bought an impressive be aware at its face worth of $4,000,000 from the Opus Financial institution (the “Opus Notice”) and subsequently transformed in 2019 into 2,000,000 shares of the Firm’s frequent inventory.
Stemtech’s chapter noticed its co-founder executives depart the corporate. Co-founder Ray Carter sued Stemtech for unpaid wage and trip time in August 2019.
As of September 2024, the result of the lawsuit stays pending (from a 10-Q filed on November nineteenth, 2024);
On August 6, 2019, the previous CEO previous to the Firm’s Chapter, filed a lawsuit towards the Firm’s subsidiary Stemtech HealthSciences, alleging unpaid wage and trip time relationship to a interval predating the Firm’s present administration staff taking management in 2018.
Plaintiff’s declare is within the quantity of $267,000.
The Firm has counter-sued the plaintiff personally and deems this matter non-meritorious.
On the identical time, the Firm has accrued $267,000 which is included in accounts payable and accrued liabilities within the consolidated steadiness sheets at June 30, 2024, and December 31, 2023.
Plaintiff’s request for Abstract Judgment was dismissed by the Court docket on March 3, 2023.
Within the opinion of administration, the decision of this matter, if any, is not going to have a cloth adversarial affect on the Firm’s consolidated monetary place or consolidated outcomes of operations.
Submit chapter StemTech seems to have continued on as an MLM firm, persistently producing losses annually.
- in 2021 Stemtech misplaced $7 million
- in 2022 Stemtech misplaced $8.6 million
- in 2023 Stemtech misplaced $5.4 million
- as of September 2024, Stemtech reported $3.3 million in losses for the 12 months
August 2021 additionally marks the merger between StemTech and Globe Web Wi-fi, a failed Chinese language teleco and app improvement firm.
The acquisition is how Stemtech turned a publicly listed firm (Globe Web Wi-fi had been listed since 2013).
Viago merging with StemTech now means it too is a publicly listed firm. It’s assumed the itemizing will proceed on as Stemtech Corp (there aren’t any SEC filings on the merger so I can’t verify at time of publication).
Replace twenty first November 2024 – Stemtech has merged with Viago (Seacret Direct).