DeFi Technologies Inc N.DEFI

News

[Pandora]

News out on Defi Technologies and Defi Yield in merger talks.

In part:

In consideration for the Defi Yield acquisition, the company shall, (a) upon closing of the Defi Yield acquisition, issue 32.5 million common shares of the company at a deemed price of $1.14 per initial Defi share to the shareholders of Defi Yield (b) upon Defi Yield achieving $200-million (U.S.) equivalent of assets locked in aggregate across smart contracts created by Defi Yield, an additional 7.5 million common shares of the company to the shareholders of Defi Yield and (c) upon Defi Yield achieving $500-million (U.S.) equivalent of assets locked in aggregate across smart contracts created by Defi Yield, an additional 7.5 million common shares of the company to the shareholders of Defi Yield. The initial Defi shares shall be subject to an initial lock-up of three months, and then release in equal quarterly tranches over two years. Additional information in connection with the Defi Yield acquisition will be provided by the company in subsequent press releases.

Through the Defi Yield acquisition, Defi Technologies will have ownership of the operating business, all intellectual property, and brand of Defi Yield and will assume the core operating team of Defi Yield.