ARC Group, Inc. (OTCPK:ARCK) entered into a non-binding letter of intent to acquire Yobe Acquisition, LLC for $2.3 million on February 6, 2017. Under the terms of deal, ARC will pay $1.4 million along with a $0.9 million earn-out payment tied to Yobe's performance during the first two years post-closing. Deal will be funded through a combination of cash and debt. The closing is contingent upon, among other things, the execution of a definitive purchase agreement and the acquisition of suitable financing by ARC Group. Deal is expected to close in 90 days. ARC Group, Inc. (OTCPK:ARCK) cancelled the acquisition of Yobe Acquisition, LLC on February 6, 2018.