Business
Spirit Banner II Provides Update on Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - October 6, 2021) - Spirit Banner II Capital Corp . (TSXV:...
About this update from Sabio Holdings, Inc.
[{"type":"text","content":"Spirit Banner II Provides Update on Qualifying TransactionToronto, Ontario--(Newsfile Corp. - October 6, 2021) - Spirit Banner II Capital Corp. (TSXV: SBTC.P) (\"Spirit Banner\" or the \"Corporation\") is pleased to provide an update on its proposed business combination transaction (the \"Proposed Transaction\") with Sabio Mobile, Inc. (\"Sabio\"). It is expected the Proposed Transaction will qualify as the Corporation's \"Qualifying Transaction\" under the policies of the TSX Venture Exchange (the \"TSXV\").Transaction UpdateThe parties have made significant progress with respect to due diligence and the drafting of a filing statement in connection with the Proposed Transaction. Spirit Banner and Sabio are in the process of addressing comments received from the TSXV regarding conditional approval for the Proposed Transaction.Spirit Banner is also pleased to report that all matters submitted to shareholders in connection with the Proposed Transaction were approved at its special meeting of shareholders held on October 6, 2021. The meeting materials were mailed to shareholders of Spirit Banner and are available under Spirit Banner's issuer profile on SEDAR (www.sedar.com). The Proposed Transaction itself is not subject to approval of the shareholders of Spirit Banner and, accordingly, shareholder approval of the Proposed Transaction was not sought at the meeting. Updated Financial InformationSabio has completed its unaudited financial statements for six months ended June 30, 2021 in accordance with international financial reporting standards (IFRS). For the six month period ended June 30, 2021, Sabio had unaudited revenues of US$ 6,812,013, assets of US$4,235,756, liabilities of US$13,462,648 and net losses of US$1,203,908.Insiders of the Resulting Issuer Further to the announcement on June 29, 2021, in addition to Aziz Rahimtoola, Paula Madison, and Carl Farrell, the board of directors of the Resulting Issuer is expected to include Muizz Kheraj. Further, the senior management team of the Resulting Issuer, in addition to Aziz Rahimtoola (Chief Executive Officer), Sajid Premji (Chief Financial Officer), Joe Camacho, (Chief Marketing Officer), and Jason Tong (SVP of Engineering), is anticipated to include: (i) Helen Lum, EVP of App Science, Inc., a wholly owned subsidiary of Sabio; (ii) Simon Wong, EVP; and (iii) Kendra Low, Corpor...