Business
Navigator Acquisition Corp. Announces Letter of Intent for Qualifying Transaction to Acquire Arifmetika LLC
New York, New York--(Newsfile Corp. - September 2, 2021) - Navigator Acquisition Corp. (TSXV...
About this update from Navigator Acquisition Corp.
[{"type":"text","content":"Navigator Acquisition Corp. Announces Letter of Intent for Qualifying Transaction to Acquire Arifmetika LLCNew York, New York--(Newsfile Corp. - September 2, 2021) - Navigator Acquisition Corp. (TSXV: NAQ.P) (\"Navigator\" or the \"Company\") is pleased to announce that it has entered into a binding letter of intent (\"LOI\") dated August 30, 2021, with PJSC \"ORG\" (\"ORG\"), a public joint-stock company duly incorporated under the laws of Russian Federation, which will result in the acquisition by Navigator of the wholly-owned subsidiary of ORG, MCC \"Arifmetika\" LLC (\"Arifmetika\"). The LOI states that ORG shall incorporate a holding company (\"HoldCo\") which shall hold 100% of the issued and outstanding shares of Arifmetika. The holders of the issued and outstanding shares of HoldCo, or the issued and outstanding shares of Arifmetika, as applicable, will exchange all of the issued and outstanding securities of Arifmetika in exchange for securities of the resulting issuer (the \"Transaction\").The Transaction is intended to constitute Navigator's Qualifying Transaction pursuant to Policy 2.4 (Capital Pool Companies) of the TSX Venture Exchange (\"TSX-V\") Corporate Finance Manual. In connection with the Transaction, the Company intends to apply to list its common shares on the Toronto Stock Exchange. The Transaction is subject to the approval of the TSX-V and Toronto Stock Exchange, execution of a definitive agreement and other closing conditions customary for a transaction of this nature. Navigator, upon completion of the Transaction, is referred to in this news release as the \"resulting issuer\".Arifmetika is a leading microlending company operating in Russia for more than 11 years. Further information about Arifmetika, including financial information, will be provided in a subsequent news release. Arifmetika's principal assets, equal to approximately C$44,311,087.47 based on its audited accounts for the year ended December 31, 2020. Arifmetika's current liabilities, equal to approximately C$2,478,084.38 based on the audited accounts, primarily comprise interest-bearing loans and borrowings. As of the date of the audited accounts, Arifmetika had revenues of C$46,795,923.16 and had net revenue equal to approximately C$10,953,527.33.Transaction StructureThe LOI contemplates that the holders of the issued and outstanding s...