Fintech
Moon River Capital Ltd. Announces Termination of Letter of Intent for a Qualifying Transaction with A.T.S. (Advanced Test Solutions Ltd.), the Resumption of Trading, Corporate Updates, and Proposed Changes in Accordance with the New CPC Policy
Toronto, Ontario–(Newsfile Corp. – January 24, 2022) – Moon River Capital Ltd. (TSXV: MOO) (the “Company” or “Moon River“), a capital pool company listed on the TSX Venture Exchange (the “TSXV“), announces the following:
Termination of Letter of Intent
The Company’s previously announced letter of intent with respect to the Company’s proposed qualifying transaction (“Qualifying Transaction“) with Advanced Test Solutions Ltd. d/b/a ATS Engineering (“ATS“), first announced on August 27, 2021, has been terminated by the Company.
The Company will continue to evaluate and review alternative acquisition opportunities with a view to completing its Qualifying Transaction.
Resumption of Trading
The TSXV has issued a bulletin dated January 24, 2022, announcing the resumption of trading of the Company’s common shares to be effective at market open on January 26, 2022.
In connection with the resumption of trading, the Company provides the following corporate updates:
Company Overview
Moon River is a Capital Pool Company (“CPC“) within the meaning of the policies of the TSXV and has not commenced operations and has no assets other than cash. Moon River is currently engaged in identifying and evaluating businesses and assets with a view to completing a Qualifying Transaction.
Upcoming Shareholder Meeting
Moon River is planning to hold it’s 2022 annual and special meeting (the “Meeting“) on March 1, 2022.
Board and Management
The current members of the Company’s board of directors are: Jamie Levy, Kerry Knoll and Ian McDonald, all of whom are members of the Company’s audit committee. Mr. Levy also acts as the Company’s Chief Executive Officer, Chief Financial Officer and Treasurer.
Proposed Changes in Accordance with New CPC Policy
The Company announces that due to changes announced by the TSXV to its Capital Pool Company program and changes to the TSXV’s Policy 2.4 – Capital Pool Companies, which came into effect as of January 1, 2021 (the “New CPC Policy“), the Company intends to implement certain amendments to further align with the New CPC Policy.
Pursuant to the New CPC Policy, in order for the Company to become subject to the New CPC Policy it is required to obtain the approval of disinterested shareholders of the Company. As a result, the Company will be seeking such approval at the Meeting, for the following matters: (i) to remove the consequences of failing to complete a Qualifying Transaction within 24 months of the Company’s date of listing on the TSXV (the “Listing Date“); (ii) to amend the escrow release conditions and certain other provisions of the Company’s Escrow Agreement (the “Escrow Agreement“); and (iii) to permit for the payment of a finder’s fee to a Non-Arm’s Length Party (as that term is defined in the Policies of the TSXV) to the Company in connection with a Qualifying Transaction. These proposed amendments are described in further detail below.
Removal of the Consequences of Failing to Complete a Qualifying Transaction within 24 Months of the Listing Date
Under the TSXV’s previous Policy 2.4 – Capital Pool Companies (as at June 14, 2010) (the “Former Policy“) there are certain consequences if a Qualifying Transaction is not completed within 24 months of the Listing Date. These consequences include a potential for the Company’s common shares to be delisted or suspended, or, subject to the approval of the majority of the Company’s shareholders, transferring the common shares to list on the NEX board of the TSXV and cancelling certain seed shares held by non-arm’s length parties to the Company. The New CPC Policy has removed these consequences assuming disinterested shareholder approval is obtained. At the Meeting, the Company intends to ask disinterested shareholders to approve the removal of such consequences, as it believes that it will afford the Company greater flexibility to complete a Qualifying Transaction that is beneficial to all interested parties.
Amendments to the Escrow Agreement
The Company intends to ask disinterested shareholders to approve the Company making certain amendments to the Escrow Agreement, including allowing the Company’s escrowed securities to be subject to an 18-month escrow release schedule as detailed in the New CPC Policy, rather than the current 36-month escrow release schedule in the Former Policy.
Permitting Payment of Finder’s Fees
The New CPC Policy permits for the payment of a finder’s fee to a Non-Arm’s Length Party (as that term is defined in the Policies of the TSXV) to the CPC in connection with an arm’s length Qualifying Transaction where disinterested shareholder approval is obtained. At the Meeting, the Company intends to ask disinterested shareholders to permit payment of a finder’ fee to a Non-Arm’s Length Party in connection with a Qualifying Transaction, in accordance with the terms of the New CPC Policy.
For further information contact:
Jamie Levy, CEO, CFO, Treasurer & Director at (416) 567-2440 or [email protected].
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements“) within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects” and similar expressions, which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning: the Company’s’ evaluation and review of alternative acquisition opportunities with a view to completing its Qualifying Transaction; the resumption of trading of the Company’s common Shares on the TSXV; the Company holding of it’s annual and special meeting on March 1, 2022; the Company’s intent to implement certain amendments to align with the new CPC Policy; and obtaining requisite shareholder approvals.
These forward-looking statements are based on certain assumptions that the Company has made in respect thereof as at the date of this press release regarding, among other things: the continued evaluation and review of alternative transaction opportunities by the Company; the resumption of trading of the Company’s common shares on such date that has been indicated by the TSXV; and receipt of requisite shareholder approvals.
Although the Company believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: changes in general economic, competitive, business, political and social conditions, including changes in the financial markets; the impact of competitive entities and pricing; the ability to access various sources of debt and equity capital on favourable terms; changes in applicable laws and regulations and costs associated therewith; actions by governmental or regulatory authorities and costs associated therewith; technology and cyber security risks; natural catastrophes; and certain other risks detailed in the Company’s final prospectus dated January 20, 2020, a copy of which is available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release.
This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111358
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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