Fintech
Canna 8 Investment Trust Reports Results of Its Annual General and Special Meeting and Provides Update on the Qualifying Transaction
Toronto, Ontario–(Newsfile Corp. – July 21, 2021) – Canna 8 Investment Trust (TSXV: RCR.P) (“Canna 8” or the “Trust“) is pleased to announce that, due to changes announced by the TSX Venture Exchange (the “Exchange“) to its Capital Pool Company program and changes to the Exchange’s Policy 2.4 – Capital Pool Companies, which became effective as at January 1, 2021 (the “New CPC Policy“), the Trust intends to implement certain amendments to further align its policies with the New CPC Policy. Pursuant to the New CPC Policy, in order for the Trust to align certain of its policies with the New CPC Policy it is required to obtain the approval of disinterested unitholders of the Trust.
The Trust submitted to unitholders for approval, as set out in detail in the Trust’s management information circular (“Circular“) dated May 20, 2021, among other things, the removal of the consequences associated with the Trust not completing a Qualifying Transaction (as such term is defined in the Exchange policies) within 24 months of its listing date and the authorization of the Trust to make certain amendments to the Trust’s escrow agreement (the “CPC Resolutions“). The annual and special meeting of unitholders was held on June 25, 2021 (the “Meeting“) and all matters submitted to unitholders were approved.
At the Meeting, in addition to the approval of the CPC Resolutions, RSM Canada LLP was reappointed as the auditor of the Trust, the Trust’s stock option plan was approved and the incumbent members of the board of trustees, being Dean Parmar, Nebojsa Dobrijevic, Sundeep Cheema, Shant Poladian and Gopikannan Pillai, were re-elected.
Disinterested unitholders of the Trust approved the amendment of the Trust’s escrow release agreement. Pursuant to these amendments, the Trust’s escrowed securities will now be subject to only an 18-month escrow release schedule, whereby 25% of the escrowed securities will be released from escrow on the date the Exchange issues a final bulletin for the Trust’s Qualifying Transaction and 25% of the escrowed securities will be released from escrow on each of the 6, 12 and 18 months following such date.
Other Changes:
Under the New CPC Policy, the Trust is permitted to implement certain other changes without obtaining shareholder approval. As a result, the Trust wishes to have the option and may take advantage of certain or all of the changes under the New CPC Policy that do not require shareholder approval, which came into effective on January 1, 2021, including, but not limited to:
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removing the restriction that provided that no more than the lesser of 30% of the gross proceeds from the sale of securities issued by the Trust and $210,000 may be used for purposes other than identifying and evaluating assets or businesses and obtaining shareholder approval for a proposed Qualifying Transaction, and implementing the restrictions on the permitted use of proceeds and prohibited payments under the New CPC Policy, under which reasonable general and administrative expenses not exceeding $3,000 per month are permitted;
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removing the restriction on the Trust issuing new agent’s options in connection with a private placement; and
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removing the restriction such that now one person has the ability to act as the chief executive officer, chief financial officer and corporate secretary of the Trust at the same time.
Update on Previously Announced Qualifying Transaction:
By way of news release dated April 17, 2020, the Trust announced that Canna 8 and Real Industrial Investment Trust (“Real Industrial“) had entered into a letter of intent (the “LOI“) with the intent of constituting Canna 8’s Qualifying Transaction. In a subsequent news release dated September 18, 2020, the Trust provided an update on its agreement to amend certain terms and conditions of the LOI.
Given the COVID-19 pandemic and the prevailing uncertainties in real estate market, Real Industrial was unable to fulfill its obligations under the LOI, which eventually expired, and the Trustees have determined not to grant any extension. The Trustees of Canna 8 are reviewing other potential Qualifying Transaction opportunities and will issue a press release if and when a new LOI is entered into. It is intended that the units of Canna 8 will resume trading on the Exchange.
About the Trust:
Canna 8 is a capital pool company pursuant to the policies of the Exchange. Except as specifically contemplated in such policies, until the completion of its Qualifying Transaction, the Trust will not carry-on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a proposed Qualifying Transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative. For further information please see all relevant documents, filed on SEDAR at www.sedar.com.
For further information concerning Canna 8 Investment Trust, please contact:
Dean Parmar, CEO and Trustee of Canna 8 Investment Trust
[email protected] or 780-499-7833
Notice on forward-looking statements:
This press release includes forward-looking statements regarding Canna 8 which may include, but is not limited to, statements with respect to the completion of a Qualifying Transaction, the approval of the Exchange of implementation of certain matters under the New CPC Policy, the resumption of trading of the units of the Trust on the Exchange, the ability to obtain regulatory and unitholder approvals and other factors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of management, and are based on assumptions and subject to risks and uncertainties (including the risk factors listed below). Although the management of the Trust believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the real estate industry, failure to obtain regulatory or unitholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although Canna 8 has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable securities laws, Canna 8 undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90838
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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