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Logiq Reports Progress with Major Corporate Initiatives, Sees Strong Outlook Ahead for 2023
Logiq Reports Progress with Major Corporate Initiatives, Sees Strong Outlook Ahead for 2023.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, March 22, 2023 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX:LGIQ), a leading provider of digital consumer acquisition solutions, provided a shareholder update today on its progress with a number of major corporate initiatives. “We have been preparing to report our 2022 results along with a detailed corporate update,” stated Logiq CEO, Brent Suen. “However, given the disclosure of a number of positive events over the past week, including the Form 4 filing of my large purchase of shares, we would like to take this opportunity to address some of the investor questions we’ve been receiving lately. In all, the recent events have been very positive and our goals are well on track.” Ionic Share Purchase Agreement: Logiq received a $3 million investment from Ionic Venture under a $40 million share purchase agreement initiated in March 2022. On March 16, 2023, both the Ionic share purchase agreement and the associated S-1 registration were mutually terminated. Given the company’s progress over the last several months and positive outlook ahead, Logiq management believes it was in the best interest of shareholders to eliminate the funding program. Of the remaining shares held by Ionic, 2,255,000 shares were purchased by Logiq CEO, Brent Suen, with the balance purchased by a group of private investors.Q4 Financials: The company reiterates that it expects to report revenues of approximately $7.5 million for the fourth quarter ended December 31, 2022, increasing more than 83% sequentially and up more than 9% over the same year-ago quarter. A major new consumer product client, which was onboarded in November 2022, is transitioning to Logiq’s programmatic advertising platform which would generate high-margin revenues. The company continues to estimate that Logiq’s annualized revenue run rate now totals about $40 million.DataLogiq (DLQ) Subsidiary SPAC Merger: The company believes it is making good progress toward the completion of the SPAC merger and remains confident in completing a successful transaction. Logiq and the SPAC are processing the second round of comments they have received from the Securities and Exchange Commission (SEC) regarding the merger and Form S-4 filing. The company is also in the process of completing the audit of DLQ’s 2022 financial results on a stand-alone...