ThreeD investee Peak Fintech acquires Cubeler
2021-10-01 17:46 ET - News Release
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Mr. Jakson Inwentash of ThreeD reports
THREED CAPITAL INC. REPORTS PEAK FINTECH GROUP INC. COMPLETES ACQUISITION OF CUBELER INC.
ThreeD Capital Inc. has noted that Peak Fintech Group Inc. (CSE: PKK) has officially acquired 100 per cent of the issued and outstanding shares of Cubeler Inc. in exchange for $1-million in cash and 11,133,012 common shares of Peak (the acquisition). Cubeler is an analytics and AI (artificial intelligence) company and the developer and owner of the technology that powers Peak's Business Hub.
Prior to the acquisition, ThreeD held equity securities in both Cubeler and Peak. As a result of the acquisition, ThreeD is receiving 322,069 common shares of Peak and approximately $28,900 in cash in exchange for its shares of Cubeler.
Under the terms of the acquisition, the Peak common shares received by Cubeler's shareholders will initially be restricted for a four-month period, following which 50 per cent of the shares will be free-trading and the remaining 50 per cent will be released and become free-trading over a two-year period on the anniversary date of the closing of the transaction.
For more information please refer to Peak's press release dated Oct. 1, 2021: "Peak Fintech Completes Acquisition of Analytics and AI Company Cubeler Inc."
About ThreeD Capital Inc.
ThreeD is a publicly traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD's investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early-stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the company's ecosystem.
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