Enservco Corporation signed an agreement to acquire Buckshot Trucking LLC from Tony Sims and Jim Fate for $5.5 million.
The Transaction is subject to approval by Enservco stockholders. Each party?s obligation to consummate the Acquisition is conditioned upon certain closing conditions, including without limitation: (i) Buckshot Trucking having a trailing twelve ( 12 ) month adjusted EBITDA of at least $2,000,000 as of the closing date; (ii) Buckshot Trucking delivering a closing working capital amount of at least $1,230,000 as of the closing date; (iii) the Information Statement having been mailed to Enservco?s stockholders and at least 20 calendar days elapsing from the date of completion of such mailing; (iv) the performance by the other party of its obligations and covenants under the Buckshot Purchase Agreement; (v) the absence of any decree prohibiting consummation of the closing; and (vi) the delivery of certain closing deliverables by the other party. The Transaction is expected to close in the second quarter of 2024.