According to a Jan. 3 announcement, blockchain fintech firm GammaRey has signed a merger agreement with financial e-commerce and consumer data analytics company GoLogiq. Both companies are based in the U.S., although GoLogiq focuses on customers in Southeast Asia.
As stipulated by the terms, GoLogiq will issue $320 million in common stock to acquire 100% of GammaRey’s outstanding shares. The transaction is anticipated to be completed within the next few weeks, subject to conditions. The two parties said the merger aims to “focus on the high-growth market of wealth management for Generation Z and Millennials.” Brent Suen, chairman of GoLogiq, commented:
“Through this highly synergistic merger, we will have achieved our goal for GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that is generating strong revenue growth and cash flow.”
Suen also disclosed that GoLogiq is in the late stages of completing a new acquisition target with more than $9 billion in managed assets introduced by GammaRey. The two parties have set a guidance of more than $50 million in annualized revenue for 2023 upon deal completion.
Based in New York, GammaRey focuses on consumer digital wallets and developer software. The private company said that it is a “profitable business with strong cash flow” and nearly $800 million in consumer assets. Following the merger, GoLogiq stock will continue to trade over-the-counter under the ticker GOLQ, but the companies said that may change:
“GoLogiq also plans to apply for an uplisting to a listed exchange, such as Nasdaq or the NYSE. Such an application would be subject to approval based on several factors, including satisfaction of minimum listing requirements.”
Sourced from cointelegraph.com.
Written by Zhiyuan Sun on 2023-01-05 23:57:44.
