Nason, Yeager, Gerson, Harris & Fumero, P.A. represented New York-based uSell.com, Inc. (OTCQB: USEL) in a group of transactions including negotiating a Master License and Services Agreement (the “License Agreement”) with Brightstar Corp., the establishment of a new $6.0 million senior credit facility, the issuance and sale of $4.78 million of convertible notes, and repaying the previous senior debt holder with cash and a similar convertible note.
Shareholder, Michael Harris, led the legal team, which included shareholders Alan Armour (lending), Brian Bernstein (securities) and David Gellen (corporate/licensing). Associates Harris Shain, Cody Bilgrien, Elizaveta Ivanova and Dan Rich assisted in relevant parts.
uSell.com, Inc. is a large market maker of used smartphones. uSell acquires products from both individual consumers, on its website, uSell.com, and from major carriers, big box retailers, and manufacturers through its subsidiary, We Sell Cellular, LLC.
On the closing date, uSell.com and PhoneX entered into the License Agreement with Brightstar Corp., granting Brightstar an exclusive license (except for a uSell subsidiary) to use uSell’s intellectual property, including access to the online platform through which used smartphones are sold to third-party businesses and related services. The convertible note and lending transactions closed simultaneously.
Miami-based Brightstar Corp. is a U.S.-based privately held corporation founded in 1997, serving carriers, retailers, and enterprise customers in 100-plus countries.
“Our securities and corporate practices continue to grow nationally, serving small cap and microcap public companies with their SEC compliance, corporate agreements and transactions,” said Harris. “Streamlined reporting requirements coupled with the strong economy have the small cap and microcap markets growing again.”