SilverSun Technologies, Inc. has entered into an amended and restated investment agreement with Jacobs Private Equity II, LLC and other investors, as of April 14, 2024. This agreement revises a previous one from December 3, 2023, and outlines the investors' commitment to purchase $1 billion in convertible perpetual preferred stock and warrants. The closing of this transaction is scheduled to occur within five business days after all conditions are met, with an ultimate deadline of October 15, 2024. In conjunction with the closing, a Registration Rights Agreement will be executed to provide registration rights under the Securities Act, and the company will amend its certificate of incorporation and bylaws. A cash dividend of $17.4 million will be declared, funded by the proceeds from the equity investment. The Board...Show More

SilverSun Technologies, Inc. has entered into an amended and restated investment agreement with Jacobs Private Equity II, LLC and other investors, as of April 14, 2024. This agreement revises a previous one from December 3, 2023, and outlines the investors' commitment to purchase $1 billion in convertible perpetual preferred stock and warrants. The closing of this transaction is scheduled to occur within five business days after all conditions are met, with an ultimate deadline of October 15, 2024. In conjunction with the closing, a Registration Rights Agreement will be executed to provide registration rights under the Securities Act, and the company will amend its certificate of incorporation and bylaws. A cash dividend of $17.4 million will be declared, funded by the proceeds from the equity investment. The Board of Directors has unanimously approved the agreement and recommended stockholder approval. Additionally, Mark Meller's employment agreement will be terminated just before the closing, with a new offer letter to take effect at the closing. The agreement also includes provisions for potential acquisitions and contributions by the Principal Investor, representations and warranties, covenants, and additional agreements for proxy statements, information access, and litigation cooperation. Conditions precedent, termination, amendment, waiver provisions, and general provisions including governing law are also part of the agreement. A list of investors and exhibits detailing the various agreements and certificates are attached to the agreement.