Alltemp, Inc. (OTC Pink: LTMP) is engaged as a proprietary refrigerant technology company, which through its alltemp product, is able to replace existing parts in a refrigerator in order to make it more environmentally friendly. Shares of the proprietary refrigerant company shot up 57% during trading on Wednesday, August 11, 2021. Over the past thirty days, Alltemp has seen average daily volume of 72,267 shares. However, volume of 5.79 million shares or dollar volume of $390,825, exchanged hands during Wednesday’s trading.
Shares of Alltemp are surging after the company announced that it has entered into a definitive letter of intent to acquire Digi Messaging & Advertising, Inc., a digital marketing company. Under the terms of the agreement, Alltemp will acquire 100% of the issued and outstanding shares of Digi, in exchange for the issuance of 600,000 shares of Series D Convertible Preferred Stock of Alltemp. The share exchange is estimated to be effective by August 31, 2021.
In conjunction with the Digi acquisition, Alltemp says it will spin off its CSES Group, LLC subsidiary, which holds all the rights, title and interest to the refrigerant technology. Approximately 73 million common shares of Alltemp will be cancelled upon completion of the spin off, which was shares held by former management officials. Once the 73 million shares are cancelled, Digi shareholders will own roughly 80% of all Alltemp common shares on a fully-diluted basis.
“Over the past several months, we have been working to identify the best path to build shareholder value and stability, and it became apparent that the acquisition of Digi, while outside of our current industry, was best suited to deliver on that goal,” stated Alltemp CEO, Ben Hansel.
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