13.05.2024 14:27:13
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JanOne To Buy Block Chain Fintech Provider ALT 5 Sigma In All-stock Deal; JAN Up In Pre-market
(RTTNews) - JanOne Inc. (JAN), a bio-technology company, said on Monday that it has executed a deal to acquire blockchain financial technology provider, ALT 5 Sigma Inc., and its wholly-owned subsidiaries.
Under the terms, JanOne will issue to the former stockholders of ALT 5 1,799,100 shares of common stock, which represents around 19.9 percent of the acquirer, as well as 34,207 shares of its series B non-convertible, non-redeemable preferred stock.
The transaction, expected to be closed the week of May 13, will allow ALT 5 Sigma Inc. and its subsidiaries to become wholly owned subsidiaries of JanOne.
Tony Isaac, CEO of JanOne, said: "We believe that ALT 5's innovative solutions provide significant competitive advantages in this market and together we can help them continue their growth. The innovative products and services delivered by ALT 5 to its global customers are at the forefront of the payment processing industry and have contributed to reducing risk and eliminating costly credit card charge-backs. In addition, ALT 5 has developed a profitable business that we can assist to rapidly scale globally."
Founded in 2018, ALT 5 is a fintech firm that provides blockchain-powered technologies to enable a migration to a new global financial paradigm.
ALT 5, through its subsidiaries, offers two main platforms to its customers, ALT 5 Pay and ALT 5 Prime.
Research and Markets.com states that the payment processing solutions market size is estimated to grow from around $100 billion in 2023 at a CAGR of 9.5 percent during the forecast period from 2023 to 2030. JAN was trading up by 5.95 percent at $4.270 in the pre-market trade on the Nasdaq.
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