Business
FDCTech Provides Updates on the Definitive Agreement for the Acquisition of Alchemy Group Companies and Direct Investment
FDCTech Provides Updates on the Definitive Agreement for the Acquisition of Alchemy Group Companies and Direct Investment.
About this update from Fdctech, Inc.
[{"type":"text","content":"\n The Company updated the Acquisition Date to November 30, 2023, for full ownership of Alchemy Prime Ltd. (Alchemy UK) and the remaining 49.90% stake in Alchemy Markets Ltd. (Alchemy Malta) for Series B Preferred Stock, valued at $1.41 per share. The Company will receive $2,500,000 in direct investment from Alchemy Prime Holdings Shareholder for Series A Preferred Stock, valued at $1.00 per share. The Company will receive $5,500,000 in direct investment from Alchemy Prime Holdings Shareholder for Common Stock valued at $0.11 per share. Irvine, CA, Dec. 07, 2023 (GLOBE NEWSWIRE) -- FDCTech, Inc. (\"FDC\" or the \"Company,\" OTCQB: FDCT), a fintech-driven company specializing in buying and integrating small to mid-size legacy financial services companies, today announced that the Company's Directors have approved the shareholders' actions (\"Actions\") from holders of approximately 89.01% of the 333,584,729 shares of Company stock issued and outstanding. The Board of Directors of the Company approved and authorized the Actions, which include the following: Amended Acquisition Date: The acquisition or definitive agreement date is November 30, 2023.Series B Preferred Stock Issuance – Alchemy UK: To acquire 100% of Alchemy Prime Limited (Alchemy UK), the Company will issue 966,379 Series B Preferred Stock, valued at $1.41 per share based on its net financial assets as of June 30, 2022, per audited financial statements.Series B Preferred Stock Issuance – Alchemy Malta: For the remaining 49.90% stake in Alchemy Market Limited (Alchemy Malta), the Company will issue 833,621 Series B Preferred Stock, valued at $1.41 per share based on its net financial assets as of November 30, 2022, per audited financial statements.Series A Preferred Investment: Alchemy Prime Holdings shareholders will provide the Company $2,500,000 in direct investment for Series A preferred shares, valued at $1.00 per share, totaling 2,500,000 shares.Common Stock Investment: The Company will secure $5,500,000 in direct investment from Alchemy Prime Holdings Shareholder for Common Stock valued at $0.11 per share, totaling 50 million shares, a significant premium to the current market price. Streamlining Margin Brokerage Business: In a strategic move to streamline its margin brokerage operations, the Company has decided not to acquire Alchemy Markets DMCC (...