Multibillion Dollar Fund to Invest $52.7 million into Longfin Corp.
23 Gennaio 2018 - 2:30PM
Longfin Corp. (“Longfin” or the “Company”) (NASDAQ: LFIN) a leading
global FinTech company, has announced that the Company has entered
into a securities purchase agreement with a multibillion dollar
fund. The institutional investor is investing $52,700,000 through
convertible note instruments (the “Notes”). A press release
regarding the transaction was previously issued prior to
finalization of the documentation earlier today, and the Company is
confirming the transaction is proceeding on the terms indicated
below.
Joseph Gunnar & Co., LLC is acting as placement agent.
Key Transaction Details
The Notes consist of (i) Series A Senior Convertible Notes in
the aggregate principal amount of $10,095,941.18 and (ii) Series B
Senior Secured Convertible Notes in the aggregate principal amount
of $42,604,058.82. The nature of the investment will involve (i) an
upfront cash payment in the amount of $5,000,000, and (ii) secured
promissory notes payable by the investors to the Company in the
aggregate principal amount of $42,604,058.82 (referred to below as
the “Investor Notes”). Under the Investor Notes, the Investors are
required to prepay the Investor Notes to the Company in two equal
installments following the registration of all of the shares
underlying the Investor Notes and warrants issued together with the
Investor Notes.
Longfin is one of the few players in the global FinTech space in
alternative finance and shadow banking, a $72 trillion industry
worldwide.
“To secure funding from this large institutional investor at
current market valuation will enhance the visibility and revenue
growth of the company in a rapid way. We are confident in our goal
of reaching a 250% revenue growth rate organically, and
outnumbering our growth rate in 2017. This funding will also help
Longfin in its acquisition endeavors within the Blockchain powered
Smart Contracts and FinTech space across the globe,” stated Venkat
S Meenavalli, Chairman and CEO of Longfin Corp.
Closing is subject to certain closing
conditions set forth in the definitive transaction documents. A
Current Report on Form 8-K will be filed by the Company with the
Securities and Exchange Commission shortly containing the
definitive agreements regarding the transaction. Investors
are urged to review the Form 8-K for the actual details of the
documents. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Safe Harbor Statement
Certain information in this communicative
statement contains “forward-looking statements” about the Company,
as defined within the Private Securities Litigation Reform Act of
1995 or under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (collectively, “forward-looking statements”); these may not
be based on historical fact, but instead relate to future events.
Forward-looking statements are generally identified by words such
as “projects,” “may,” “will,” “could,” “would,” “should,”
“believes,” “expects,” “anticipates,” “estimates,” “intends,”
“plans,” “potential” or similar expressions. Such forward-looking
statements include, without limitation, statements regarding new
and existing services, technologies and opportunities, statements
regarding market and industry segment growth and demand and
acceptance of new and existing services, any projections of sales,
earnings, revenue, margins or other financial items, any statements
of the plans, strategies and objectives of management for future
operations, any statements regarding future economic conditions,
regulatory environment or performance, any statements of belief or
intention, and any statements or assumptions underlying any of the
foregoing. Risk factors and other material information concerning
the Company are described in the Registration statement post
qualification Offering Circular (Amendment No. 9) filed with the
SEC on November 3, 2017 and other Company filings, including
subsequent current and periodic reports, information statements and
registration statements filed with the SEC. You are cautioned to
review such reports and other filings at www.sec.gov. Given these
risks, uncertainties and factors, you are cautioned not to place
undue reliance on such forward-looking statements and information,
which are qualified in their entirety by this cautionary statement.
All forward-looking statements and information made herein are
based on the Company’s current expectations and does not undertake
an obligation to revise or update such forward-looking statements
and information to reflect subsequent events or circumstances,
except as required by law.
About Longfin Corp.
Longfin Corp (Nasdaq: LFIN) is a US-based, global fintech
company powered by artificial intelligence (AI) and machine
learning. The Company, through its wholly-owned subsidiary, Longfin
Tradex Pte. Ltd, delivers FX and alternative finance solutions to
importers/exporters and SME’s. Ziddu.com owned by the company is
the only market place for smart contracts powered by Consensus
Settlement Algorithm on ethereum blockchain. Ziddu ethereum ERC20
blockchain Token uses a technology stack in which Smart Contracts
run in distributed virtual machines, which in turn run on a
Consensus Settlement Algorithm (CSA) providing solutions to
warehouse / international trade financing, micro-lending, FX OTC
derivatives, bullion finance, and structured products. Currently
the company has operations in Singapore, Dubai, New York and
India.
IR Contact:
Dragon Gate Investment Partners LLCTel: +1(646)-801-2803Email:
lfin@dgipl.com
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