ITEM 8.01 OTHER EVENTS.
On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was signed into
law. The IRA provides for up to 60% in transferable tax credits to businesses
with qualified solar spending starting in 2023.
On August 26, 2022, VetaNova Inc (VTNA) entered into an agreement to purchase
300,000,000 Common Membership Interests of VetaNova Solar Partners, LLC (VSP),
which was formed on December 13, 2020, as a pass-through entity. VSP was formed
to develop and build solar arrays to provide approximately 10 MW of electrical
power for 25 acres of vertical greenhouse facilities on 157 acres in Pueblo
County, Colorado, the Avondale Project. The solar arrays are estimated to cost
$25,000,000, which would be qualified solar expenditures.
The Company filed a Reg A Offering Statement to sell $10,000,000 in Equity Units
consisting of VTNA common stock and warrants. The Offering Statement was
qualified on June 17, 2022. The Company is filing an Amendment to the offering
statement whereby 300,000,000 VSP Common Membership Interests will be added to
the VTNA Equity Units in the Offering. Investors can examine the Company's
Offering online at https://www.vetanovarega.com/.
About VetaNova.
The Company is in its development stage and intends to build and operate
solar-powered, carbon-negative greenhouses utilizing Artificial Intelligence
assisted technologies to control the growing environment. The Company's revenue
is expected to come from growing farm-fresh fruits and vegetables sold to local
markets. The Company's ability to build and operate solar-powered,
carbon-negative greenhouses is dependent on the Company's ability to raise
additional capital.
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