In keeping with an announcement on Jan.3, blockchain fintech agency GammaRey signed a merger settlement with monetary e-commerce and shopper knowledge analytics firm GoLogiq. Each firms are primarily based within the U.S., whereas GoLogiq focuses on clients in Southeast Asia.
As stipulated by the phrases, GoLogiq will problem $320 million in frequent inventory to amass 100% of GammaRey’s excellent shares. The transaction is anticipated to be accomplished inside the subsequent few weeks, topic to circumstances. As instructed by the 2 events, the merger goals to “concentrate on the high-growth market of wealth administration for Technology Z and Millennials.” Relating to the transaction, Brent Suen, chairman of GoLogiq, commented:
“By means of this extremely synergistic merger, we can have achieved our aim for GoLogiq to change into a complete fintech platform for underserved companies and shoppers that’s producing robust income development and money circulate.”
Suen additionally disclosed that GoLogiq is within the late phases of finishing a brand new acquisition goal with greater than $9 billion in managed belongings launched by GammaRey. The 2 events have set a steering of greater than $50 million in annualized income for 2023 upon deal completion.
Based mostly in New York, GammaRey focuses on shopper digital wallets and developer software program. The non-public firm mentioned it’s “worthwhile enterprise with robust money circulate.” with practically $800 million in shopper belongings. Following the merger, GoLogiq inventory would proceed to commerce over-the-counter below the ticker GOLQ.
“GoLogiq additionally plans to use for an uplisting to a listed alternate, similar to Nasdaq or the NYSE. Such an software can be topic to approval primarily based on a number of elements, together with satisfaction of minimal itemizing necessities.”
