Enservco (NENSV) announced the closing of its previously-announced acquisition of Buckshot Trucking LLC. In addition, the Company has entered a Share Exchange Agreement and strategic financing with Star Equity Holdings, Inc. (STRR) , a diversified holding company, which included a $2.5 million exchange of equity between the parties and Enservco’s issuance of a $1 million short-term promissory note to Star (the “Star Transaction”) to facilitate the closing the Buckshot acquisition. Total consideration paid by Enservco at closing for the Buckshot Transaction was $5.0 million, before customary post-closing adjustments, which consisted of a combination of cash, Enservco common stock, certain promissory notes and escrowed funds. More details concerning the Buckshot Transaction and the Star Transaction are provided below.
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