Apr. 23 at 7:20 AM
$ELPW look at SEC F20 updated April, lodged originally in September.
outlines a performance-based Earnout structure that serves as a significant incentive for long-term growth.
Under the terms of the Earnout Escrow Agreement:
Earnout Share Pool: The "Supporting Shareholder" is eligible to receive up to 9,000,000 Elong Class A Ordinary Shares.
Performance Milestones: These shares are released solely upon reaching specific financial targets during the fiscal years ending 31 December 2024 and 31 December 2025.
Clawback & Forfeiture: If these targets are not met by the end of the 2025 fiscal year, any shares remaining in the earnout escrow are cancelled and forfeited to the company for no consideration.
Acceleration Clause: The release of these shares can be accelerated if the company completes a "change in control" transaction (such as a merger or acquisition) before the end of the earnout period.
Very interesting and just reinforces that Bullish feeling!
