Fintech
Early Warning News Release
This press release is issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
Toronto, Ontario–(Newsfile Corp. – May 10, 2021) – Greg Wilson (“Wilson“), Jason I. Goldman Professional Corporation (“JGPC“), Marc Lustig (“Lustig“) and Rajiv Bhatia (“Bhatia“) (collectively, the “Reporters“) announce that, immediately following completion of the Business Combination (as defined below), each Reporter’s deemed beneficial ownership of subordinate voting shares (“Subordinate Shares“) and subordinate voting share purchase warrants (“Subordinate Warrants“) of Wesana Health Holdings Inc. (formerly, Debut Diamonds Inc.) (the “Company“) decreased to below 10% on an undiluted and partially-diluted basis.
The transaction giving rise to this press release was the completion of a business combination (the “Business Combination“) that resulted in a reverse takeover of the Company by the securityholders of Wesana Health Inc. (“Private Wesana“) on May 6, 2021. The closing of the Business Combination resulted in a change to the capital structure of the Company, such that (i) the existing class of common shares of the Company were redesignated as Subordinate Shares, and (ii) certain principals of Private Wesana were issued super voting shares. As a result of these changes, and for greater certainty, without any acquisition or disposition by the Reporters, other than JGPC and Lustig, as described in more detail below, the Reporters’ deemed beneficial ownership of Subordinate Shares decreased to below 10% on an undiluted and partially-diluted basis.
Prior to the completion of the Business Combination, each Reporter held the following securities of the Company:
a) Wilson, an individual residing in Ottawa, Ontario, held (i) 5,954,029 Debut Shares, representing 22.85% of the issued and outstanding Debut Shares, and (ii) assuming full exercise of 1,800,000 Debut Warrants prior to the Business Combination, held 7,754,029 Debut Shares, representing 27.84% of the issued and outstanding Debut Shares on a partially diluted basis;
b) JGPC, a corporation with a head office in Toronto, Ontario, held (i) 5,954,029 common shares in the capital of the Company (“Debut Shares“), representing 22.85% of the issued and outstanding Debut Shares, and (ii) assuming full exercise of 1,800,000 common share purchase warrants of the Company (“Debut Warrants“) prior to the Business Combination, held 7,754,029 Debut Shares, representing 27.84% of the issued and outstanding Debut Shares on a partially diluted basis;
c) Lustig, an individual residing in Vancouver, British Columbia, held (i) 2,981,514 Debut Shares, representing 11.44% of the issued and outstanding Debut Shares, and (ii) assuming full exercise of 900,000 Debut Warrants prior to the Business Combination, held 3,881,514 Debut Shares, representing 14.40% of the issued and outstanding Debut Shares on a partially diluted basis; and
d) Bhatia an individual residing in Ottawa, Ontario, held (i) 2,972,514 Debut Shares, representing 11.41% of the issued and outstanding Debut Shares, and (ii) assuming full exercise of 900,000 Debut Warrants prior to the Business Combination, held 3,872,514 Debut Shares, representing 14.37% of the issued and outstanding Debut Shares on a partially diluted basis.
Immediately following the completion of the Business Combination, each Reporter had ownership or control over the following securities of the Company:
a) JGPC had ownership or control over (i) 241,997 Subordinate Shares, including 30,295 Subordinate Shares which the Company issued to JGPC in exchange for certain ordinary shares in the capital of Private Wesana pursuant to the Business Combination, representing approximately 1.92% of the issued and outstanding Subordinate Shares on an undiluted basis, and (ii) 64,001 Subordinate Warrants, which assuming full exercise of the Subordinate Warrants, represented approximately 2.42% of the issued and outstanding Subordinate Shares on a partially diluted basis;
b) Wilson had ownership or control over (i) 211,702 Subordinate Shares, representing approximately 1.68% of the issued and outstanding Subordinate Shares on an undiluted basis, and (ii) 64,001 Subordinate Warrants, which assuming full exercise of the Subordinate Warrants, represented approximately 2.18% of the issued and outstanding Subordinate Shares on a partially diluted basis;
c) Lustig and L5 Capital Inc., a corporation controlled by Lustig, had ownership or control over (i) 196,898 Subordinate Shares, including 30,295 Subordinate Shares which the Company issued to L5 Capital Inc. in exchange for certain ordinary shares in the capital of Private Wesana pursuant to the Business Combination, representing approximately 1.57% of the issued and outstanding Subordinate Shares on an undiluted basis, and (ii) 32,000 Subordinate Warrants, which assuming full exercise of the Subordinate Warrants, represented approximately 1.82% of the issued and outstanding Subordinate Shares on a partially diluted basis; and
d) Bhatia had ownership or control over (i) 105,691 Subordinate Shares, representing approximately 0.84% of the issued and outstanding Subordinate Shares on an undiluted basis, and (ii) 32,000 Subordinate Warrants, which assuming full exercise of the Subordinate Warrants, represented approximately 1.09% of the issued and outstanding Subordinate Shares on a partially diluted basis.
The Subordinate Shares and Subordinate Warrants held by each of the Reporters are being held for investment purposes. In the future, each Reporter may evaluate its investment in the Company from time to time and may, depending on various factors including, without limitation, the Company’s financial position, the price levels of the Subordinate Shares, conditions in the securities markets and general economic and industry conditions, the Company’s business or financial condition, and other factors and conditions that each Reporter may deem appropriate, increase, decrease or change its ownership over the Subordinate Shares, Subordinate Warrants or other securities of the Company.
An early warning report pursuant to the requirements of applicable securities laws will be issued by each of the Reporters and will be posted to SEDAR at www.sedar.com and available on request at the number below.
For further information, including a copy of the early warning report required under applicable Canadian securities laws to be filed by each of the Reporters as a result of the Business Combination referred to in this press release, please contact Grant Duthie at 416-869-1234.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83444
Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
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.
Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
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.
Fintech
Airtm Enhances Its Board of Directors with Two Strategic Appointments
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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