INX Digital Company Completes Key Acquisition
The INX Digital Company, Inc. (Cboe CA: INXD) (OTCQB: INXDF) has accomplished a significant milestone following the successful closure of its planned acquisition by OpenDeal Inc., commonly known as Republic. This arrangement enables Republic to acquire all outstanding common shares of INX, thereby enhancing the company’s position within the digital securities market.
Shareholder Compensation Details
Under the terms of this acquisition, former shareholders of INX are set to receive US$0.1328 in cash for each share, alongside a contingent value right (CVR) which grants holders an additional payment of US$0.1063 per CVR on a specific future date.
Additional Distribution Information
Full details regarding the terms of the acquisition, the compensation shareholders will receive, and other essential information can be explored in the management information circular available on the INX profile on SEDAR+. Shareholders can also obtain related documents by contacting Republic directly.
Updates on Trading of INX Tokens
As part of the integration process, active trading of the INX Token will experience a temporary halt. This pause includes the cancellation of active trade orders, with trading expected to restart shortly thereafter. On the resumption date, INX Token holders will receive their share of the established Cash Fund from the company.
Cash Fund Distribution
Following the completion of the deal, approximately US$34.3 million is set for distribution among INX Token holders. Details regarding the individual token distribution will be made available on the official INX website.
Leadership Insights on the Acquisition
Shy Datika, the Founder and CEO of INX, emphasized the importance of this acquisition, stating that the timing aligns perfectly with the increasing global recognition of asset tokenization and the favorable evolution of cryptocurrency regulations. This combination of both INX's licenses and Republic's strong market position promises to revolutionize access to digital assets for all investors.
Future Prospects for INX and Republic
In a similar vein, Kendrick Nguyen, Co-founder and Co-CEO of Republic, shared insights indicating that this transaction positions both companies to establish a unified global marketplace for digital financial assets. The merger's aim is to facilitate seamless transactions in both real and digital asset classes.
Corporate Changes Following the Acquisition
Following the acquisition, Naama Falach, the Chief Financial Officer of INX, will step down. The company expresses gratitude for her contributions during her tenure and wishes her success in her future endeavors.
How Shareholders Can Access Their Benefits
To access the benefits of the arrangement, registered shareholders of INX must complete the necessary steps, which include submitting a letter of transmittal that was previously mailed out. This document is also available on the company's SEDAR+ profile or by contacting the depositary.
Instructions for Intermediaries
Shareholders whose shares are managed by brokers or other intermediaries are advised to contact these entities for assistance in depositing their shares, as they will need to adhere to the specific instructions provided by their respective representatives.
Intended Future Actions
As a result of the arrangement, INX shares are anticipated to be delisted from the Cboe Canada exchange soon after the completion of trading. Additionally, INX plans to pursue the cessation of its reporting requirements under Canadian securities laws.
About INX Digital Company
INX specializes in providing regulated trading venues for digital securities and cryptocurrencies, combining traditional market expertise with innovative fintech solutions to address contemporary financial challenges. The firm is driven by a dedicated team committed to transforming capital markets through blockchain technology.
INX Group Vision
The INX Group, the parent organization of INX Digital Company, strives to become the premier regulated hub for digital assets. The mission is to empower communities globally with financial innovations that bridge gaps in access to investment opportunities.
Frequently Asked Questions
What was the main purpose of the acquisition?
The acquisition allows INX to enhance its market position by joining forces with Republic, facilitating a broader outreach within the digital asset industry.
How much will INX shareholders receive per share?
Former shareholders will receive US$0.1328 in cash per share along with additional payments linked to contingent value rights.
When will trading of the INX Token resume?
Trading of the INX Token is expected to resume shortly after a temporary halt, specifically on the announced Cut-Off Date.
What is the estimated total in the Cash Fund?
As of now, the Cash Fund is estimated at approximately US$34.3 million, intended for distribution to INX Token holders.
Who can shareholders contact for assistance regarding their shares?
Shareholders can contact the depositary or their respective brokers for instructions on accessing their benefits from the arrangement.