Apolo Acquisition Corp. (TSX-V: ACA.P), a capital pool company (CPC), has entered into a binding letter with CryptoGlobal Inc. to effect a business combination of the two companies, which will constitute as Apolo Acquisition’s Qualifying Transaction (QT) and a reverse take-over (RTO) by CryptoGlobal.
Pursuant to the agreement, the holders of the issued and outstanding common shares of CryptoGlobal shall receive one a post-consolidated Apolo common share for each CryptoGlobal common share. On or immediately prior to the completion of the proposed transaction, Apolo will effect a name change to such name as may be determined by CryptoGlobal and Apolo will consolidate the Apolo common shares on the basis of one “new” post-consolidated Apolo common share for every 3.938 old Apolo shares issued.
At closing, the former shareholders of Apolo will own approximately 2.7% of the issued and outstanding shares of the resulting issuer.
Apolo and CryptoGlobal may terminate the agreement under certain specified circumstances, including in the event that the QT is not completed by March 31, 2018.
CryptoGlobal may complete a financing in connection with the RTO prior to closing.
On October 30, 2017, CyptoGlobal closed an initial round of private financing with Canadian and international investors from USA, Cayman Islands, Guernsey, The Netherlands, and The United Kingdom.
photo credit: CryptoGlobal
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
Latest posts by Ted Liu (see all)
- Audax Private Equity’s Lifemark Health Group acquires AssessMed - December 5, 2019
- Persistence Capital Partners launches MedSpa Partners - December 5, 2019
- Thoughtexchange secures $20M Series B led by IVP - December 5, 2019