Fintech
Early Warning News Release Regarding the Shares of Wellfield Technologies Inc.
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 and Vancouver, British Columbia–(Newsfile Corp. – November 24, 2021) – Jennifer Goldman (“Goldman“), L5 Capital Inc. (“L5“), Mode Investments Corp. (“Mode“) (collectively, the “Reporters“) and Levy Cohen (“Cohen“) announce that, immediately following completion of the Business Combination (as defined below), each Reporter’s deemed beneficial ownership of common shares (“Common Shares“) in the capital of Wellfield Technologies Inc. (formerly, 1290447 B.C. Ltd.) (the “Company“) decreased to below 10% on an undiluted and partially-diluted basis and Cohen’s deemed beneficial ownership of Common Shares increased to above 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 Seamless Logic Software Limited (“Seamless“) and MoneyClip Inc., on November 23, 2021. As a result of these changes, the Reporters’ deemed beneficial ownership of Common Shares decreased to below 10% and Cohen’s deemed beneficial ownership of Common Shares increased to above 10%, in all cases on an undiluted and partially-diluted basis.
Prior to the completion of the Business Combination, each Reporter and Cohen held the following securities of the Company:
-
Goldman, an individual residing in Toronto, Ontario, held 725,000 Common Shares, representing 29% of the issued and outstanding Common Shares;
-
L5, a corporation with a head office in Vancouver, British Columbia, held 725,000 Common Shares, representing 29% of the issued and outstanding Common Shares;
-
Mode and El Be Investments Corp. (“El Be“), its joint actor, both of which are corporations with head offices in Vancouver, British Columbia, held an aggregate of 950,000 Common Shares, representing 38% of the issued and outstanding Common Shares; and
-
Cohen, an individual residing in Israel, held no Common Shares.
Immediately following the completion of the Business Combination, each Reporter and Cohen had ownership or control over the following securities of the Company:
-
Goldman and Jason I. Goldman Professional Corporation (“JIGPC“), a joint actor with Goldman that has a head office in Toronto, Ontario, had ownership or control over (i) 938,325 Common Shares, including 213,325 Common Shares issued to JIGPC in connection with the Business Combination, representing approximately 0.92% of the issued and outstanding Common Shares on an undiluted basis, and (ii) 50,000 common share purchase warrants (each, a “Warrant“), each of which was issued to JIGPC in connection with the Business Combination, and which, assuming full exercise of the Warrants, represented approximately 0.97% of the issued and outstanding Common Shares on a partially diluted basis;
-
L5, a corporation with a head office in Vancouver, British Columbia, and its joint actors (i) AJKNJ Holdings Corp. (“AJKNJ“) a corporation with a head office in Vancouver, British Columbia; and (ii) Marc Lustig (“Lustig“), an individual resident in Vancouver, British Columbia, collectively had ownership or control over 6,321,939 Common Shares, including an aggregate of , 1,352,000 Common Shares issued to AJKNJ and 312,000 Common Shares issued to Lustig, its joint actors in connection with the Business Combination, representing approximately 6.18% of the issued and outstanding Common Shares on an undiluted basis;
-
Mode and El Be, had ownership or control over (i) 1,150,000 Common Shares, representing approximately 1.12% of the issued and outstanding Common Shares on an undiluted basis, and 100,000 Warrants, each of which was issued to Mode and El Be in connection with the Business Combination, and which, assuming full exercise of the Warrants, represented approximately 1.22% of the issued and outstanding Common Shares on a partially diluted basis; and
-
Cohen, an individual residing in Israel, had ownership or control over 13,565,506 Common Shares, issued in connection with the Business Combination, representing approximately 13.26% of the issued and outstanding Common Shares on an undiluted basis;
The Common Shares and Warrants held by each of the Reporters and Cohen, as applicable are being held for investment purposes. In the future, each Reporter and Cohen 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 Common 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 and Cohen may deem appropriate, increase, decrease or change its ownership over the Common Shares, Warrants or other securities of the Company. The Reporters, Cohen and any joint actors, as applicable have no current intention to acquire control or direction over additional securities of the Company as of the date of this news release, either alone or together with any joint actors.
An early warning report pursuant to the requirements of applicable securities laws will be issued by each of the Reporters and Cohen 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.
For further information, including a copy of the early warning report required under applicable Canadian securities laws to be filed by Cohen as a result of the Business Combination ref erred to in this press release, please contact Corey Yermus at 416-777-4845.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105117
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.
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech PR6 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech7 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025
-
Fintech7 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech PR5 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech PR3 days agoGCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
-
Fintech PR5 days agoStay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security
-
Fintech PR6 days agoMedicilon Appoints Dr. Lilly Xu as Chief Technology Officer