EZFill Holdings, Inc. Enters into Letter of Understanding with Shell Retail and Convenience Operations LLC

EZFill Holdings, Inc. (NASDAQ:EZFL) recently announced that on December 12, 2024, the company entered into a Letter of Understanding (LOU) with Shell Retail and Convenience Operations LLC, also known as Shell TapUp and Instafuel. The agreement involves the purchase and sale of seventy-eight trucks and specific above-ground tanks for a total of $5,345,077, excluding taxes.

According to the terms of the LOU, EZFill is required to provide Shell with a non-refundable down payment constituting seven percent (7%) of the total purchase price by December 16, 2024. The remaining balance is expected to be settled by December 26, 2024. Additionally, EZFill has the option to remove up to eight trucks from the list of assets to be transferred based on its inspections, with corresponding adjustments made to the final purchase price.

The agreement includes standard representations, covenants, and indemnification obligations typical for such transactions. EZFill anticipates the completion of the transactions outlined in the LOU by December 26, 2024.

The company revealed that the information provided is supplemented by referencing the LOU, which is attached to the filing as Exhibit 10.1.

It is important to note that EZFill’s recent Form 8-K submission contains forward-looking statements regarding its financial performance, revenue growth, and business outlook. While these statements are based on current expectations and available information, actual results may vary due to risks and uncertainties detailed in the registration statement filed with the U.S. Securities and Exchange Commission.

EZFILL Holdings, Inc. confirmed its status as an emerging growth company and acknowledged that the extended transition period for complying with revised financial accounting standards, provided under Section 13(a) of the Exchange Act, has not been utilized.

Investors and stakeholders are further advised that past performance is not a guarantee of future results, and all investments carry inherent risks. EZFill Holdings, Inc. emphasized that there is no assurance of achieving specific outcomes indicated in forward-looking statements.

The company also disclosed that the LOU document has been incorporated into the filing as Exhibit 10.1, and a Cover Page Interactive Data File is included, complying with regulations outlined in the Form 8-K submission.

Yehuda Levy, the Chief Executive Officer of EZFill Holdings, Inc., signed off on the report on behalf of the company on December 18, 2024.

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

About EZFill

EZFill Holdings Inc operates as a mobile fueling company primarily in Florida. It offers on-demand fueling services to consumer, fleet, marine, and other specialty markets. The company was incorporated in 2019 and is based in Miami, Florida.