Company: MYCB
Filing Date: 2025-10-31
Form Type: 8-K
Source: 0001640334-25-001932
Chunk: 0

Company: My City Builders, Inc.
Filing Date: 2025-10-31
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement & Amendments

On October 31, 2025, My City Builders, Inc., (the “ Company”) entered into an Asset Purchase Agreement, (the “ Agreement”) with, RAC Gadsden, LLC (the “ LLC”). The LLC is wholly owned by RAC Real Estate Acquisition, Corp. (“RAC”), which is wholly owned by RAC Merger LLC, which owns 98.5% of the current issued and outstanding shares of the Company and is managed by the following officers and directors (the “ Affiliates”) of the Company and RAC:

  Yolanda Goodell – interim chief executive officer and director of the Company, vice president and director of RAC.              
  Francis Pettilloni – interim chief financial officer and director of the Company, chief operating officer and director or RAC.  
  Frank Gillen – president and director of RAC.                                                                                   

As a result of the Agreement, the Company acquired 4 acres of land in Glencoe, Alabama (the “ Property”) in exchange for a secured promissory note with the LLC in the amount of $350,000.00 (the “Note”). The Note has a 3-year term and carries an interest rate of 9.5% per annum. The principal and interest are due at the conclusion of the 3-year term on October 30, 2028. The Company intends to construct up to 25 multi-family units in three phases starting with an 8-unit multi-family duplex development on the Property as phase one. Per the terms of the Agreement, if construction of the duplex development on the Property does not begin within one year of the Closing Date of the Agreement, that will be considered an Event of Default, as defined by in the Note, which may result in either: (i) the entire principal balance of the Note and all accrued and unpaid interest and costs would immediately become due and payable or (ii) the Company would be required to return ownership of the Property to the LLC.

Item 2.01 Completion of Acquisition or Disposition of Assets