MICT Enters Fintech Market with Acquisition of Global Fintech Holdings for $26 Million and Raises Up to $15 Million
MICT, Inc. (MICT)
US:NASDAQ Investor Relations:
micronet-enertec.com/ir-events%20&%20presentations.asp
Company Research
Source: PR Newswire
MONTVALE, N.J., April 15, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT) ("MICT" or the "Company") announced today that it has entered into an Amended and Restated Agreement and Plan of Merger to acquire a wholly-owned subsidiary of Global Fintech Holdings Ltd ("GFH"), subject to certain closing conditions. Simultaneously, the Company has approved a private placement of convertible notes of up to $15 million, which shall be convertible into shares of MICT common stock at a conversion price of $1.10, consisting of $11 million of committed funding, with the ability to raise an additional $4 million on the same terms.The acquisition and fundraise follow MICT's strategic decision announced in 2019 to move into the rapidly growing global fintech sector. The Company plans to deploy the funds raised to, among other things, make further fintech related acquisitions and enter into partnerships that are contemplated to deliver immediate earnings growth and enhance long-term shareholder value, a
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