Blockchain fintech GammaRey signs $320M merger agreement

1 year ago 107

GammaRey said it has astir $800 cardinal successful user assets.

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Blockchain fintech GammaRey signs $320M merger agreement

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According to an announcement connected Jan.3, blockchain fintech steadfast GammaRey signed a merger statement with fiscal e-commerce and user information analytics institution GoLogiq. Both companies are based successful the U.S., portion GoLogiq focuses connected customers successful Southeast Asia. 

As stipulated by the terms, GoLogiq volition contented $320 cardinal successful communal banal to get 100% of GammaRey's outstanding shares. The transaction is anticipated to beryllium completed wrong the adjacent fewer weeks, taxable to conditions. As told by the 2 parties, the merger aims to "focus connected the high-growth marketplace of wealthiness absorption for Generation Z and Millennials." Regarding the transaction, Brent Suen, president of GoLogiq, commented:

"Through this highly synergistic merger, we volition person achieved our extremity for GoLogiq to go a broad fintech level for underserved businesses and consumers that is generating beardown gross maturation and currency flow."

Suen besides disclosed that GoLogiq is successful the precocious stages of completing a caller acquisition people with much than $9 cardinal successful managed assets introduced by GammaRey. The 2 parties person acceptable a guidance of much than $50 cardinal successful annualized gross for 2023 upon woody completion.

Based successful New York, GammaRey focuses connected user integer wallets and developer software. The backstage institution said it is "profitable concern with beardown currency flow." with astir $800 cardinal successful user assets. Following the merger, GoLogiq banal would proceed to commercialized implicit the antagonistic nether the ticker GOLQ.

"GoLogiq besides plans to use for an uplisting to a listed exchange, specified arsenic Nasdaq oregon the NYSE. Such an exertion would beryllium taxable to support based connected respective factors, including restitution of minimum listing requirements."

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