HUMBL, Inc. (OTC Pink: HMBL), a $20.34 million market cap company specializing in wholesale durable goods, has amended an agreement that will delay its required corporate rebranding. According to InvestingPro data, the company has experienced significant volatility, with its stock down 29.41% year-to-date despite showing strong revenue growth of 73.83% in the last twelve months. The Delaware-incorporated company announced on Thursday that it has revised the terms of its Asset Purchase Agreement with WSCG, Inc. and WSCG HUMBL, SPV.
The original Asset Purchase Agreement, dated December 2, 2024, required HUMBL to apply to FINRA for a name change and to cease using the HUMBL brand name and trademarks within 60 days of closing. However, the new amendment extends this deadline to 120 days from the closing date, while the obligation to stop using the brand name and trademarks remains at 60 days post-closing.
Furthermore, HUMBL disclosed that WSCG has yet to make a remaining payment of $2 million due by December 31, 2024, for the purchase of the company’s assets. WSCG has opted to use a 90-day cure period provided under the Asset Purchase Agreement. This payment delay comes at a time when InvestingPro analysis shows HUMBL’s current ratio at 0.63, indicating potential liquidity challenges with short-term obligations exceeding liquid assets. HUMBL stated it would update once the payment is received or officially becomes late.
Additionally, HUMBL is conducting a site review of its magnesium silicate holdings in Brazil as part of its commitment to accurate financial reporting and asset management. InvestingPro data reveals the company’s overall financial health score is currently rated as WEAK at 1.72 out of 5, suggesting room for improvement in operational efficiency. Subscribers can access 9 additional exclusive ProTips about HUMBL’s financial position and market performance. The company’s management is also planning strategic meetings in Brazil during February to discuss initiatives and business plans for the fiscal year 2025.
The details of the agreement amendment are outlined in Exhibit 10.1 of the Current Report on Form 8-K filed with the SEC. This report comes directly from an official SEC filing by HUMBL, Inc.
In other recent news, HUMBL Inc. has seen a significant change in its executive leadership. Amid a reshuffling, the company’s board has announced the appointment of Thiago Moura as the new President and CEO, replacing Brian Foote. This development was confirmed in a recent filing with the Securities and Exchange Commission.
Moura, who also took on the role of Chairman of the HUMBL Board of Directors, brings an extensive background to his new position. His experience includes successful tenures as the CEO of HugPay, a fintech company, and TMS Serviços Empresas, specializing in mergers and acquisitions. Moreover, Moura previously served as the Controller, CEO, and Chairman of Ybyrá Capital S.A., a Brazilian investment holding company.
These are recent developments that reflect changes within the company’s leadership structure. The transition did not result from any disagreement with the company’s operations, policies, or practices. As always, investors are advised to keep a close eye on these developments.
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