HyperBlock to Acquire CryptoGlobal

CryptoGlobal (TSXV:CPTO) and HyperBlock Technologies have entered into a definitive agreement where HyperBlock will acquire CryptoGlobal.

As quoted in the press release:

Pursuant to the Transaction, the parties will apply to list the combined company, which will operate under the name HyperBlock Technologies Corp., on the Canadian Securities Exchange on closing. The parties intend to promptly call the required meetings of shareholders of both HyperBlock and CryptoGlobal with the goal of completing the Transaction by the end of May 2018, subject to the satisfaction of customary conditions to closing.

The Transaction has been unanimously approved by the board of directors of each of CryptoGlobal and HyperBlock, and is supported by the management teams as well as the significant shareholders of both companies. Under the Transaction, HyperBlock will acquire all of the issued and outstanding shares of CryptoGlobal by issuing 0.4229 of a common share of HyperBlock for each CryptoGlobal common share, valuing each CryptoGlobal common share at $0.74, which represents a 48% premium to the closing price of $0.50 of CryptoGlobal’s common shares on March 29, 2018, and a 31% premium to the 10-day VWAP of CryptoGlobal’s common shares, on the TSX Venture Exchange (the “TSXV“). The implied value of CryptoGlobal’s equity under the Transaction is approximately $106 million.

Click here to read the full press release.