DATZ World Holdings Completes Reverse Merger, Divests Old Business, and Restructures Debt
Summary
DATZ World Holdings Corp. completed a reverse merger with RagingBull.com, LLC, fundamentally transforming its business, leadership, and ownership structure, while also divesting its former cannabis operations and restructuring debt.
Key Events
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Reverse Merger Completed
DATZ World Holdings Corp. (formerly LeafBuyer Technologies, Inc.) completed its merger with RagingBull.com, LLC. RagingBull.com, LLC is now a wholly-owned subsidiary, and its former equityholders own approximately 95% of the combined company through the issuance of 15,000,000 shares.
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Strategic Business Pivot and Name Change
The company changed its name to DATZ World Holdings Corp. and divested its cannabis-related subsidiary, LB Media Group LLC, for $750,000 in cash. This marks a complete shift in business focus away from its former operations.
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Leadership Overhaul
The entire board and executive team, including the former CEO, CFO, and CTO, resigned. Anthony Bell was appointed as the new Chief Executive Officer, Treasurer, Secretary, and Director.
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Debt Restructuring and New Convertible Notes
The company partially repaid $750,000 of existing debt using proceeds from the spinoff and issued new convertible promissory notes totaling $991,878 to Jeff Bishop and MFA Holdings, Corp. These notes bear 3% interest and are convertible into common stock at $0.05 per share.
Analysis
This filing details a comprehensive corporate restructuring for a micro-cap company previously facing a "going concern" warning. The completion of the reverse merger with RagingBull.com, LLC, coupled with a complete change in management and a strategic divestiture of its former cannabis business, represents a fundamental transformation of the company's operations and ownership. The new convertible debt provides capital, albeit with potential future dilution, and the conversion price of $0.05 per share is significantly above the current market price, suggesting a belief in future value. This is a critical attempt to recapitalize and re-position the company, addressing its prior financial instability.
At the time of this filing, LBUY was trading at $0.01 on OTC in the Trade & Services sector, with a market capitalization of approximately $1.2M. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.