Business
PickleJar Announces Conclusion of Definitive Agreements With NewRegen to Accelerate Growth and Capitalization Plan
PickleJar Announces Conclusion of Definitive Agreements With NewRegen to Accelerate Growth and Capitalization Plan.
About this update from Picklejar Entertainment Group, Inc.
[{"type":"text","content":"\n ATLANTA, GA and HOUSTON, TX, Nov. 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- NewRegen (OTC: NREG) and PickleJar Holdings, Inc. (“PickleJar”), a leading entertainment business software provider, today announced the completion of the definitive agreements to combine the companies in an all-stock transaction. The transaction, which has been unanimously approved by PickleJar’s Board of Directors, was finalized on November 25, 2023, resulting in a significant change of control within the company. The surviving entity will continue to carry on the business of PickleJar as an #ArtisFirst payments and promotions ecosystem, unifying every touchpoint of the fan experience for emerging artists, mid-sized venues, and global brands. NewRegen will spin off its regenerative medicine business into an operating subsidiary, NewRegen Operations, Inc and carry on as a private entity. “PickleJar is a big idea. We view this step as an accelerator of our existing strategies, and a way to enhance the value of our innovative and established enterprise platform,” said Jeff James, chief executive officer of PickleJar. “Mergers are complex, and we wanted to get it right for our shareholders. While this has been an extremely tedious process, our team has worked tirelessly in our relentless pursuit of attractive business development and shareholder friendly capital raising opportunities.” Under the terms of the agreement, PickleJar shareholders will receive 90.5% of the Preferred A shares. The entity will be renamed PickleJar Entertainment Group and trade on the OTC stock exchange under the ticker “NREG” until a new ticker symbol and name is approved by FINRA. The Company will be operated by PickleJar’s management team and be headquartered in Houston, TX. Four of the PickleJar’s board members will continue to serve with another to be selected by the PickleJar board. “Given the challenges to meet the timeline for the audit requirements necessary for the Super 8-k regulatory requirements required under the merger agreement and the unique circumstances presented by the timetable of the existing institutional lenders in the previously announced proposed business combination, we sought an alternative solution to offer the best available outcome for all stockholders,” said Evere...