Business
Hank Payments Announces the Closing of Its Acquisition of FUTR Inc
Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Hank Payments Corp.  (TSXV: HANK) ...
About this update from Futr Corporation
[{"type":"text","content":"Hank Payments Announces the Closing of Its Acquisition of FUTR IncToronto, Ontario--(Newsfile Corp. - February 25, 2025) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers is pleased to announce, that pursuant to a Share Purchase Agreement dated February 24, 2025, the Company has closed its acquisition of 100% of the shares of FUTR Inc. (the \"FUTR\").As previously announced in its January 23, 2025, press release, FUTR will allow Hank to consume and store key customer data in a SOC 2 compliant and encrypted platform. This automates key compliance and KYC work for Hank while also providing value added digital vaults to the consumers to store critical personal documents such as loans, leases, insurance and other relevant documents relating to the consumer's financial journey. The principal terms of the acquisition are as follows: as consideration for the purchase of all of the outstanding shares of FUTR, the Company issued 172,949,626 common shares of Hank, which equates to a total equity value for FUTR of approximately Cdn$8.6 million at a per share value of $0.05 per share; no one new shareholder or related entity owns directly or indirectly greater than 10% of Hank post completion of the Acquisition; Hank has assumed the FUTR's liability of (i) Cdn$1M owed to its parent, which will be repaid beginning on August 1, 2025, in the amount of $16,667 per month until repaid, without accruing any interest and (ii) Cdn$130,000 promissory note owed to its parent coming due on July 2nd, 2026 and accruing interest at 18% a year; As part of the acquisition, Hank assumed Cdn$260,000 of FUTR's cash; Clarus Securities Inc., acted as advisor in connection of the acquisition and was paid an advisory fee of $216,250, which has been settled by way of issuance of 4,325,000 common shares of Hank at closing at a per share value of $0.05 per share; andall shares issued pursuant to the acquisition are subject to a contractual lock-up and leak-out agreement whereby the shares will be released as to 1/3 on September 5, 2025, February 20, 2026 and June 19, 2026. Each release date can be released earlier if the common shares of Hank trade on the TSX Venture Exchange (or other reco...