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GammaRey blockchain financial company signed a $320 million merger agreement

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Joyashree Dey Follow

INDIA

Jan, 05 2023

Jan, 05 2023

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On January 3, blockchain fintech firm GammaRey announced via press release that it has entered into a merger agreement with GoLogiq, a corporation that specialises in consumer data analytics and financial e-commerce.


GoLogiq will issue $320 million in common stock, as required by the terms, to purchase all of GammaRey's outstanding shares. Subject to requirements, it is anticipated that the transaction would be finished in the coming weeks.


The combination, according to the two parties, would concentrate on the high-growth wealth management industry for Generation Z and Millennials. “Through this highly synergistic merger, we will have achieved our goal for GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that is generating strong revenue growth and cash flow, said Brent Suen, chairman of GoLogiq.


Suen also revealed that GammaRey-introduced GoLogiq's latest acquisition target, which has managed assets worth more than $9 billion, is nearing completion. After the purchase closes in 2023, the two parties have established a guidance of more than $50 million in annually revenue.


Although GoLogiq primarily serves consumers in Southeast Asia, both businesses are situated in the United States. GammaRey, a New York-based company, specialises in developer software and consumer digital wallets. The private corporation claimed to be a profitable enterprise with significant cash flow and to have consumer assets worth around $800 million.


Following the merger, GoLogiq stock will continue to trade over-the-counter under the ticker GOLQ, but the firms stated that this might change: GoLogiq also plans to apply for an uplisting to a listed exchange, such as Nasdaq or the NYSE. Such an application would be subject to approval based on several factors, including satisfaction of minimum listing requirements."


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Joyashree Dey

CBW - External Analyst

INDIA

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