Justify Capital Corp. (JST.P) has entered into a definitive business combination agreement with Everyday People Financial Inc.
It is in connection with the proposed business combination of Justify and Everyday People.
The agreement provides for a three-cornered amalgamation which Everyday People will follow, with a wholly-owned subsidiary of Justify, to be incorporated for the purposes of the amalgamation
Additionally, all the outstanding class A shares in the capital of Everyday People will be cancelled.
The shareholders will then receive common shares of Justify based on one Everyday People share for one Justify share at a deemed price of $1.00 per share
The amalgamated Everyday People will become a wholly-owned subsidiary of Justify.
After this, the shareholders of Everyday People will collectively exercise control over Justify.
Justify will continue its corporate existence out of the Province of British Columbia and into the Province of Alberta under the name Everyday People Financial Corp.
Or by another name, as agreed to by Justify, Everyday People and accepted by the applicable regulatory authorities and reconstitute its board of directors to consist of eight directors.
Justify identifies and evaluates assets or businesses with a view to completing a qualifying transaction.
Everyday People is a FinTech credit provider that offers credit and payment cards, payment processing, homeownership facilitation and collections services.
Justify Capital Corp. (JST.P) is unchanged trading at $0.45 per share as of 1:01 p.m. EST.