- RevoluGROUP Canada (REVO) received a draft agreement on December 8th, 2022, in which the potential acquirers propose formalizing an equity investment
- RevoluGROUP’s management team is currently reviewing the proposal and expects to finalize its assessment over the coming days
- CEO Steve Marshall sat down with Sabrina Cuthbert to discuss the news
- The current negotiations and revision of the documented draft agreement bode well for the proposed transaction
- RevoluGROUP Canada deploys advanced technologies in banking, mobile apps, money remittance, cross-border forex payments and blockchain systems
- RevoluGROUP (REVO) opened trading at C$0.305.
RevoluGROUP Canada (REVO) received a draft agreement on December 8th, 2022, formalizing a proposed equity investment.
RevoluGROUP’s management team is currently reviewing the proposal and expects to finalize its assessment over the coming days.
Chronology of the equity investment talks
- The Board of Directors unanimously approved the signing of a term sheet agreement dated October 14th, 2022, outlining a possibly substantial Equity Investment
- Management signed an updated term sheet addendum on November 4th, 2022, in which the potential acquirers and the company confirmed the satisfactory completion of the ‘Documentary Due Diligence’ phase of the negotiations
- Management signed a mutual business development agreement on November 25th, 2022, in which the potential acquirers and the company agreed to a future joint strategy should the equity investment conclude favourably.
- The acquirers and the company approved a one-time extension of the term sheet’s maximum closing date and the exclusivity term, which ended at midnight on December 8th, 2022.
- At 4.07 PM ET on December 8th, 2022, the potential acquirers remitted a draft proposal agreement to finalize the transaction. Management is reviewing the proposal.
While the current negotiations and revision of the documented draft agreement bode well for the proposed transaction, there can be no assurance that any definitive agreement, tender, or investment will be completed, and the proposal must be reviewed by executive management.
CEO Steve Marshall sat down with Sabrina Cuthbert to discuss the news.
RevoluGROUP Canada deploys advanced technologies in banking, mobile apps, money remittance, cross-border forex payments and blockchain systems, among others.
RevoluGROUP (REVO) opened trading at C$0.33.
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