CISO Global Enters into Intellectual Property Purchase Agreement

CISO Global, Inc. (NASDAQ:CISO) announced on November 29, 2024, that the company has entered into an Intellectual Property Buy-Back Purchase Agreement with JC Associates, Inc., a Texas corporation. This agreement entails the acquisition of vCISO, LLC, a Delaware limited liability company, which holds specific intellectual property assets listed in the agreement. The company will disburse the sum of One Million Twenty Thousand Dollars ($1,020,000) over a one-year period at an annual rate of Eight Percent (8%) starting from November 29, 2024, as detailed in the attached Note.

Earlier in September 2024, CISO Global had engaged in an Intellectual Property Purchase Agreement involving the sale of their wholly-owned subsidiary, vCISO, LLC, for $1,000,000 in cash proceeds. vCISO possesses internally developed intellectual property that is currently offered to customers and under development for future deployment. As a prerequisite for finalizing the Intellectual Property Purchase Agreement, a License-Back and Buy-Back Agreement was concurrently agreed upon. The subsequent Buy-Back Purchase Agreement was established in accordance with this later agreement.

In compliance with Item 9.01, the company disclosed the respective financial statements and exhibits related to these transactions. The following exhibits were listed:

– Exhibit 10.1: Form of Intellectual Property Buy-Back Purchase Agreement
– Exhibit 10.2: Form of Promissory Note
– Exhibit 104: Cover Page Interactive Data File (included within the Inline XBRL document)

The financial report was signed by Debra L. Smith, the Chief Financial Officer of CISO Global, Inc., on behalf of the company on December 4, 2024, in adherence to the Securities Exchange Act of 1934 regulations. As an emerging growth company, CISO Global has chosen not to utilize the extended transition period for adhering to new or revised financial accounting standards.

Investors and stakeholders will keenly observe the impact and strategic implications of this latest acquisition on CISO Global’s positioning and future prospects in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CISO Global’s 8K filing here.

CISO Global Company Profile

CISO Global Inc operates as a cybersecurity and compliance company in the United States, Chile, and internationally. The company offers security managed services, including compliance, secured managed, and cyber defense operation services; culture education and enablement; tools and technology provisioning; data, privacy, regulations, and compliance monitoring; remote infrastructure administration; and antivirus and patch management services.