MMMM Quad M Solutions Inc (CE)

Item 8.01 Other Events.

Quad M Solutions, Inc. (the “Company”) is filing as Exhibit 99.1 to this Form 8-K a Press Release that the Company issued on October 8, 2020. The Press Release related to the Company’s closing of its acquisition of iCan Benefit Group, LLC on September 29, 2020, which acquisition, the Company reported, is expected to add approximately $37 million in annual premium revenue and over $4.5 million in Annual Premium Cashflow (adjusted EBIDTA) representing EPS in excess of $0.20 per share based on outstanding shares of Common Stock at the Company’s fiscal year ended September 30, 2020.

In connection with the closing, the Company: (i) to iCan Benefit’s principal, Stephen Tucker, a number of shares of the Company's Common Stock equal to 4% of total outstanding shares in exchange for 100% of iCan Benefit membership units; and (ii) issued to holders of iCan Benefit’s debt incurred in an asset purchase transaction one million shares of the Company's newly authorized 7% Cumulative Redeemable Preferred Stock having a stated value of $12.50 per share, representing a payment equal to $12.5 million to satisfy iCan Benefit’ debt. The Company has the right at any time after completion of the iCan Benefit audit to redeem (call) all shares of 7% Preferred Stock issued for an adjusted cash payment, based upon the results of the audit of iCan’s financial statements. The Company, iCan Benefits and its former debtholders have agreed to fully cooperate during the iCan audit and, as a result, the Company expects to conclude the audit of its consolidated financial statements, including those of iCan and file the Company’s Annual Report on Form 10-K for its fiscal year ended September 30, 2020 with the SEC by or about the end of October 2020.