Toronto, Ontario–(Newsfile Corp. – November 18, 2021) – Yubba Capital Corp. (TSXV: YUB.P) (“Yubba” or the “Company“), a “capital pool company” pursuant to the policies of the TSX Venture Exchange (the “TSXV“), is pleased to provide the following updates on its previously announced proposed qualifying transaction (the “Qualifying Transaction“) with Ruckify Inc. (“Ruckify“).
As previously announced, Yubba has entered into a binding letter of intent with Ruckify, which outlines the terms and conditions pursuant to which the parties will complete its proposed Qualifying Transaction. The Qualifying Transaction will result in a reverse take-over of Yubba by Ruckify and will constitute Yubba’s “Qualifying Transaction” under Policy 2.4 – Capital Pool Companies of the TSXV Corporate Finance Manual.
The completion of the Qualifying Transaction is subject to a number of conditions, including the closing of Ruckify’s proposed acquisition (the “Fat Llama Acquisition“) of Fat Llama Inc. (“Fat Llama“), as previously announced, and obtaining all required approvals, including the final approval of the TSXV.
Yubba Special Meeting of Shareholders Results
Yubba today announced the voting results from its Special Meeting of Shareholders (the “Yubba Meeting“) held on Thursday, November 18, 2021 in connection with its proposed Qualifying Transaction.
All matters put forth at the Yubba Meeting, including: (i) the election of directors of the Company both prior to, and upon completion of, the proposed Qualifying Transaction; (ii) the approval of the amendment of the articles of Yubba to change the name of the Company to “Fat Llama Corporation” or such other name as Yubba and Ruckify may reasonably determine and consolidate its common shares on a 7.598:1 basis; and (iii) the adoption of the new stock option plan of the Company, each as further detailed in the management information circular of Yubba dated October 21, 2021, were approved by 100% of the voting shareholders of Yubba.
Ruckify Special Meeting of Shareholders
Ruckify anticipates that its special meeting of shareholders in connection with the proposed Qualifying Transaction (the “Ruckify Meeting“) will take place in December 2021. Once the Ruckify Meeting date has been finalized, the management information circular of Ruckify and related meeting materials will be mailed to its shareholders in connection with the Ruckify Meeting.
Founded in Ottawa, Canada, in 2017 Ruckify’s peer-to-peer rent anything marketplace provides a platform enabling Ruckify users to monetize their assets while at the same time leverage the sharing economy to rent items and minimize what they own, avoiding investment in depreciating assets. Ruckify provides its users with the freedom to do what they want when they want without the restrictions of time, storage, price or availability. In doing so, Ruckify supports sustainability by providing people the means to optimize the use of thousands of items within their communities.
To accelerate its growth, Ruckify identified Fat Llama Inc, the leading rent anything marketplace in the United Kingdom, as a strategic acquisition target. Ruckify expects that Fat Llama’s advanced technology and proven business model will provide the foundation upon which it can more effectively operate its marketplace. Ruckify and Fat Llama expect that by working together as one, the merged entity can rapidly expand into new markets and become the global rent anything marketplace leader.
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including statements about Ruckify and the Company’s future plans and intentions, the Ruckify Meeting and completion of the proposed Fat Llama Acquisition and the Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to consummate the Fat Llama Acquisition or the Qualifying Transaction; the ability to obtain requisite regulatory and Ruckify shareholder approvals and the satisfaction of other conditions to the consummation of the Fat Llama Acquisition or the Qualifying Transaction on the proposed terms and schedule; the potential impact of the announcement or consummation of the Fat Llama Acquisition or the Qualifying Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Fat Llama Acquisition or the Qualifying Transaction; changes in general economic, business and political conditions, including changes in the financial markets; and the diversion of management time on the Qualifying Transaction. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information, please contact:
Chief Financial Officer
Yubba Capital Corp.
Completion of the proposed Qualifying Transaction is subject to a number of conditions, including, but not limited to, TSXV acceptance and approval. There can be no assurance that the proposed Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement or management information circular of Yubba or management information circular of Ruckify prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Yubba should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Qualifying Transaction and has not approved or disapproved of the contents of this press release.
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.
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