Business
FDCTech signs a letter of intent (LOI) to acquire 80% equity interest in CIM Securities, LLC.
FDCTech signs a letter of intent (LOI) to acquire 80% equity interest in CIM Securities, LLC..
About this update from Fdctech, Inc.
[{"type":"text","content":"\n CIM Securities is an independent investment bank that serves micro-cap and small-cap companies by providing capital raising solutions and merger and acquisition services for companies seeking growth capital or services. Irvine, CA:, July 22, 2022 (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 it had signed a letter of intent to acquire eighty percent (80%) equity interest in CIM Securities, LLC (\"CIM Securities\"), a FINRA and SIPC member firm. CIM Securities received regulatory approval in August 2002 from the Securities Exchange Commission. It is licensed to conduct its business in 49 US states and territories. CIM Securities generated $2.51 million in revenue for fiscal 2021, primarily as investment banking and advisory fees. CIM Securities offers private placement transactions where shares of or other investments in a particular company are purchased directly from the issuers. CIM Securities also provide brokerage account services through its relationship with a clearing firm, Hilltop Securities (\"Hilltop\"). The strategic acquisition aligns with the Company's growth strategy through M&A, and the proposed acquisition will establish a US-based financial services company in its portfolio. The acquisition would be subject to regulatory approvals, with the closing contemplated in the fourth quarter of 2022. Please visit our SEC filings or Company's website for more information on the full results and management's plan. CIM Securities, LLC CIM Securities, LLC (herein referred to as \"CIM Securities\") is a broker-dealer registered with the United States Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). As a broker-dealer, CIM and our Investment Professionals offer brokerage services. For additional information, please click here. FDCTech, Inc. FDCTech, Inc. (\"FDC\") is a US-based, fully integrated financial technology company. FDC specializes in buying and integrating small to mid-size legacy financial services companies. FDC develops and delivers a full suite of technology infrastructure solutions to forex, crypto, wealth management,...