Telkonet signs Stock Purchase Agreement with VDA Group
Barbara Alvino2021-11-08T09:59:58+01:00Strategic Transaction Will Expand Companies’ Reach and Create Opportunity for Global Leadership in Intelligent Automation, Occupancy-based Energy Management and Iot Technology through a Collective World-wide Presence Pordenone, 9th of August – Telkonet, Inc. (OTCQB: TKOI) (“Telkonet”) and VDA Group S.p.A. ("VDA") today announced that they have entered into a Stock Purchase Agreement under which VDA will contribute $5 million to Telkonet (the “Financing”) in exchange for a majority of shares of common stock of Telkonet and a warrant to purchase additional shares of common stock. Under the terms of the agreement, the majority of the existing Telkonet board of directors will resign and the resulting vacancies will be filled by individuals designated by VDA to participate in the leadership of the new joint enterprise. The Financing will allow Telkonet and VDA to create a strategic dynamic that will allow each company to enhance their market position and will provide both companies with an opportunity to leverage the respective strengths of their businesses in the areas of Intelligent Automation, occupancy-based energy management and Iot technology services (“IOT”) for global markets in specific sectors, including hospitality, military housing, student housing, multi-family housing and assisted living. The companies’ respective teams, skills and [...]