Fintech
Navigator Acquisition Corp. Announces Letter of Intent for Qualifying Transaction to Acquire MGID Group Holdings Limited (MGID)
New York, New York–(Newsfile Corp. – July 18, 2022) – Navigator Acquisition Corp. (TSXV: NAQ.P) (“Navigator” or the “Company“) is pleased to announce that it has entered into a binding letter of intent (“LOI“) dated July 12, 2022, with MGID GROUP HOLDINGS LIMITED a company duly incorporated under the laws of Malta (MGID), which will result in the arm’s length acquisition of MGID by Navigator.
The LOI anticipates the possibility that a new holding company (“Holdco”) may be incorporated to hold 100% of the share capital of MGID. The holders of the issued and outstanding shares of HoldCo, or the issued and outstanding shares of MGID, as applicable, will exchange all of these issued and outstanding securities of MGID in exchange for securities of the resulting issuer (the “Transaction“).
The Transaction is intended to constitute Navigator’s Qualifying Transaction pursuant to Policy 2.4 (Capital Pool Companies) of the TSX Venture Exchange (“TSX-V“) Corporate Finance Manual. In connection with the Transaction, the Company intends to apply to list its common shares on the TSX-V. The Transaction is subject to the approval of the TSX-V, execution of a definitive agreement and other closing conditions customary for a transaction of this nature. Navigator, upon completion of the Transaction, is referred to in this news release as the “resulting issuer.”
MGID – is a leading native advertising platform currently operating in 11 countries. The company is in advertising business for more than 14 years. Further information about MGID, including financial information, will be provided in a subsequent news release.
Transaction Structure
The LOI contemplates that the holders of the issued and outstanding shares of HoldCo or MGID, as the case may be, will exchange such shares for common shares in the capital of the resulting issuer, resulting in the issuance by the resulting issuer of approximately 194,695,000 common shares.
Upon completion of the Transaction, the resulting issuer will hold 100% of the issued and outstanding securities of MGID and it is anticipated that the resulting issuer will apply to list on the TSX-V as a Tier 2 Technology issuer, in addition to changing its name and trading symbol to a name and trading symbol acceptable to MGID and the applicable regulatory authorities. The LOI was negotiated at arm’s length and the parties are currently negotiating the terms of a definitive agreement.
Upon completion of the Transaction, the resulting issuer is expected to have 258,653,743 common shares outstanding (undiluted).
There are no advances to be made to MGID by NAQ in connection to the RTO.
There is no Finder’s fee involved in this transaction.
Certain of the resulting issuer shares issued to the principals of MGID, who will become management of the resulting issuer will be subject to escrow in accordance with TSX-V policies.
Private Placement
Navigator is pleased to announce a private placement of common shares for gross proceeds of $25 million subject to approval by the TSX-V. It is currently anticipated that the share financing will be brokered.
Management and Board of Directors
Upon completion of the Transaction, it is expected that certain current members of Navigator’s board of directors and certain senior officers will resign, and the board of directors and management team and the resulting issuer will be reconstituted to comprise of five members to be nominated by MGID and two members to be nominated by Navigator. Navigator will provide further details regarding the proposed insiders of the resulting issuer in due course.
Conditions of Transaction
Upon completion of the Transaction, the parties anticipate that the resulting issuer will be listed on the TSX-V.
Completion of the Transaction will be subject to certain conditions, including, but not limited to, (a) receipt of all necessary approvals of the boards of directors of Navigator and MGID; (b) approval of the Transaction by the TSX-V as Navigator’s qualifying transaction; (c) MGID satisfying the initial listing requirements set by the TSX-V; and (d) the parties’ entry into a definitive agreement in furtherance to LOI.
Sponsorship
Sponsorship of a Qualifying Transaction is required by the TSX-V unless the transaction qualifies for an exemption from the sponsorship requirement. Navigator intends to apply for a waiver from the sponsorship requirements. However, there is no assurance that such waiver will be obtained.
Additional information
Additional information identifying risks and uncertainties is contained in filings by Navigator with the Canadian securities regulators, which filings are available on its SEDAR profile.
About MGID
MGID is a global advertising platform helping brands reach unique local audiences at scale. It uses privacy-first, AI-based technology to serve high-quality, relevant ads in brand-safe environments. The company offers a variety of ad formats, including native, display and video to deliver a positive user experience.
The company’s award-winning technology and performance-driven philosophy contribute to the consistent delivery of quality and highly relevant end-user experiences. This results in increased traffic, engagement, and revenue for its advertisers and publishing partners.
Every month, MGID reaches 900 million unique readers, with 200 billion ad impressions, across 25 thousand trusted publishers.
Founded in 2008, MGID’s headquarters are in Los Angeles, with additional offices in Europe, APAC and Latin America.
Sergii Denysenko
CEO
With more than 20 years in the digital advertising industry, Sergii has held executive positions with multinational corporations and created multiple global digital media platforms. Prior to MGID, Sergii held CEO positions at Sales House, TAKiTAK! Advertising and Gala Media. He was also previously vice president and network development manager at Gala.net.
Leading one of the world’s first and now largest native advertising companies, he is responsible for MGID’s global business with a special focus on securing the company’s place as the leading native advertising company. Since joining MGID in 2011, Sergii has led a worldwide team of over 750 staff, launching new services that enabled MGID to triple its revenues.
Mr Sergii Denysenko is a Control Person of MGID.
Termination of previous LOI’s
Hereby Navigator announces previously terminated LOIs with Pacto Energia S/A and MKK Arifmetika LLC. The LOI have been terminated on its expiration dates of July 15th 2021 and December 31st 2021 respectively.
ON BEHALF OF THE BOARD
NAVIGATOR ACQUISITION CORP.
Kyle Shostak
President, Chief Executive Officer and Director
For further information contact:
Kyle Shostak
President, Chief Executive Officer and Director of Navigator Acquisition Corp.
(212) 909-5870 (office), (917)-514-1310 (mob)
Statements in this press release regarding Navigator which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as the completion of the proposed Qualifying Transaction. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Forwarding-looking statements in this news release include the statements that: (i) the parties anticipate that the resulting issuer will be listed on the TSX-V; (ii) describes the terms of the financing.
Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) the decision to not close the Qualifying Transaction for any reason, including adverse due diligence results and TSX-V refusal of the Qualifying Transaction; (ii) adverse market conditions; and (iii) the need for additional financing. Except as required by law, the Company does not intend to update any changes to such statements.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable pursuant to TSX-V requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX-V has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V accepts responsibility for the adequacy or accuracy of this release.
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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