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Fintech Leaders, GoLogiq and GammaRey, Plan to Combine Forces in $320 Million Merger
Fintech Leaders, GoLogiq and GammaRey, Plan to Combine Forces in $320 Million Merger.
About this update from Logiq Inc.
[{"type":"text","content":"\n Privately-held GammaRey plans to bring to GoLogiq (OTC:GOLQ): Profitable business with strong cash flow.Nearly $800 million in customer financial assets.Full-stack ecosystem for the New World Digital Economy: commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services. NEW YORK, Dec. 15, 2022 (GLOBE NEWSWIRE) -- GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has signed a mutual non-binding letter of intent to acquire GammaRey, Inc., a privately-held fintech ecosystem for the New World Digital Economy.   Under the terms of the proposed agreement, GoLogiq will acquire GammaRey as a wholly owned subsidiary in an all-stock transaction. GoLogiq would issue common shares to GammaRey shareholders valued at $320 million based on the pricing of $3.00 per share. The parties anticipate the acquisition will close before the end of this year (2022). The transaction would follow GoLogiq’s spin-off of assets from Logiq, Inc. (OTCQX: LGIQ) which was completed earlier this year. The combined company would initially focus on the high-growth market of wealth management for Generation Z and Millennials, followed by the launch of a new digital payment platform designed for the sharing economy. Millennial and Gen Z financial wealth reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and they saw their aggregate assets grow from $2.9 trillion to $3.6 trillion. With this trend as a major driver, Bain & Company issued a report recently, that expects the wealth management market to double in size and exceeding $500 billion by 2030. “Given the tremendous opportunities for growth in wealth management, the time has come to address the market on a larger scale through this highly synergistic merger,” stated GammaRey CEO, Timothy Alford. “As a publicly traded company with more favorable access to the capital markets, it affords our GammaRey shareholders, as well as those of GoLogiq, numerous benefits. This includes greater liquidity, higher brand visibility, and recognition of the tremendous value we have created with our proprietary fintech platform.” GoLogiq CEO, Matthew Brent, commented: “Combining forces with GammaRey along with its capable and accomplished executive team...