- Cloverleaf capital (NASDAQ:CLOE) and Kustom Entertainment have announced that CLOE and Kustom Entertainment have entered into an amendment to the Lockup Agreement in connection with the proposed business combination between CLOE and Kustom Entertainment announced on June 2, 2023.
- Under the Amended Lockup Agreement, Digital Ally will now immediately distribute 20% of all securities received as merger consideration in the business combination upon closing, with 80% subject to the 6-month lockup period.
- The original Lockup Agreement was, whereby Digital Ally would immediately distribute 15% of all securities received as merger consideration upon closing.
- “Execution of the Amended Lockup Agreement increases the immediate distribution to shareholders from 15% to 20% of all securities received in merger consideration upon closing, providing greater immediate value for our shareholders,” Stan said. Ross, current CEO of Digital Ally. and future CEO of Kustom Entertainment.
