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Valereum PLC - Gibraltar-based company linking mainstream currency products into cryptocurrencies - Agrees to buy GSX Group, a Gibraltar-based fintech company, through a strategic share purchase agreement. Will acquire 100% ownership for GX Group in exchange for 5.0 million shares in Valereum and 10.0 million warrants, exercisable at 1 pence per share by December 2026.
The acquisition is conditional on the approval of the shareholders of GSX Group, expected in January, at which time the shares and warrants will be issued. Valereum first purchased an option to buy GSX back in October 2021.
As part of the deal, Nick Cowan will join the Valereum board as chief executive officer. Cowan was formerly GSX Group’s CEO and was founder of the Gibraltar Stock Exchange and of GSX Group. Previously he was global head of equities and of equity trading at investment bank ING Barings.
Current stock price: 5.35p on AQSE for £5.2 million market capitalisation
12-month change: down from 11.35p
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