back Back

GoLogiq and GammaRey combine forces in $320m merger

By Edlyn Cardoza

December 23, 2022

  • Consumer Data
  • Digital Payments
  • FinTech
Share

GoLogiq, FinTech, Consumer Data, GammaRey, New World Digital Economy, Liquidity, Digital Payments, Trade Finance, USAGoLogiq, Inc., a U.S.-based global provider of FinTech and consumer data analytics, has signed a mutual non-binding letter of intent to acquire GammaRey, Inc., a privately-held FinTech ecosystem for the New World Digital Economy.

“Combining forces with GammaRey along with its capable and accomplished executive team represents a significant step toward realizing GoLogiq’s vision for a comprehensive fintech platform for underserved businesses and consumers when it became a public company last year,” said GoLogiq’s CEO, Matthew Brent. “We see huge opportunities as we look to integrate our respective powerful fintech platforms, and set the stage for strong growth and profitability in the new year.”

Under the terms of the proposed agreement, GoLogiq will acquire GammaRey as a wholly-owned subsidiary in an all-stock transaction. GoLogiq would issue common shares to GammaRey shareholders valued at $320 million based on the pricing of $3.00 per share.

“Given the tremendous opportunities for growth in wealth management, the time has come to address the market on a larger scale through this highly synergistic merger,” stated GammaRey’s CEO, Timothy Alford. “As a publicly traded company with more favorable access to the capital markets, it affords our GammaRey shareholders, as well as those of GoLogiq, numerous benefits. This includes greater liquidity, higher brand visibility, and recognition of the tremendous value we have created with our proprietary fintech platform.”

The parties anticipate the acquisition will close before the end of this year (2022). The transaction would follow GoLogiq’s spin-off of assets from Logiq, Inc., which was completed earlier this year. The combined company would initially focus on the high-growth wealth management market for Generation Z and Millennials, followed by the launch of a new digital payment platform designed for the sharing economy.

Millennial and Gen Z financial wealth reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and their aggregate assets grew from $2.9 trillion to $3.6 trillion. With this trend as a significant driver, Bain & Company issued a report recently that expects the wealth management market to double in size and exceed $500 billion by 2030.

Following the transaction, GoLogiq would continue to trade under the symbol ‘GOLQ’ on the securities marketplace maintained by The OTC Markets until FINRA approved a planned name change and new logo.

GoLogiq would also plan to apply for an uplisting to a listed exchange, such as NASDAQ or the NYSE. Such an application would be subject to approval based on several factors, including satisfaction with minimum listing requirements. GoLogiq intends to satisfy the applicable listing requirements; however, there can be no assurance its application will be approved.

While the company believes that the transaction will be completed as anticipated, definitive agreements are not yet signed, and no assurances can be given that such agreements will be signed or the transaction will be completed as described.

Previous Article

December 23, 2022

Monex Europe names Tim Philip as Global Operations Director

Read More
Next Article

December 23, 2022

Uome FinTech App launches open banking and subscription feature

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Consumer Data

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Today

Surge in digital identity fraud is a major problem for financial services, research reveals

Read More

January 15, 2024

The Monday Roundup: what we are watching this week | January 15th

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023