Core Insights - GlobalTech Corporation has entered into a definitive purchase agreement to acquire a 51% interest in 123 Investments Limited, operating as Moda in Pelle (MIP), a premium footwear brand established in 1975 [1][2] - The acquisition is expected to enhance GlobalTech's e-commerce capabilities and operational presence in the UK market, with MIP generating approximately $37 million in net revenues in its last fiscal year [1][4] - The transaction is anticipated to close within 30 days, subject to customary closing conditions [1] Transaction Details - GlobalTech is acquiring the 51% stake in MIP through shares of common stock and Convertible Series A Preferred Stock, which will convert into common stock upon certain conditions being met [3] - The Convertible Series A Preferred Stock does not accrue any dividends [3] Company Background - Moda in Pelle (MIP) has a strong presence in the UK market, operating over 40 retail stores and concessions, alongside a robust online presence [4] - MIP is known for its high-quality footwear and accessories, blending British sophistication with Italian craftsmanship [4] - Founded in Leeds, MIP has been synonymous with elegance for 50 years, crafting products from the finest leathers [4] Company Overview - GlobalTech Corporation is a U.S.-based technology holding company focused on innovation in AI, big data, and emerging technologies [6] - The company aims to empower visionary companies and enterprises to transform industries and create exponential value in the digital economy [6]