- Logiq, Inc. completes its distribution of GoLogiq (formerly known as Lovarra) spin-off shares to Logiq shareholders on a 1:1 basis
- Shareholders entitled to receive these GoLogiq shares do not need to take any action
- Logiq is a global provider of award-winning digital consumer acquisition solutions
- The transfer is subject to the completion of related financial statements and customary conditions and approvals
- Logiq’s (LGIQ) share price is down 10.26 per cent trading at C$0.35 as of 11:29 am EDT
Logiq (LGIQ) has completed the previously disclosed separation of Logiq and GoLogiq into two independent, publicly-traded companies.
Shareholders entitled to receive these GoLogiq shares do not need to take any action.
Eligible GoLogiq spin-off shares held in book entry at the transfer agent, or held in broker-dealer custody, will be automatically credited in those respective accounts.
Due to GoLogiq’s former shell status, Rule 144 is not expected to be available to shareholders for resale of the GoLogiq shares they receive in the spin-off until on or after April 12, 2023, which is one year from the date that all Form 10 information was filed by GoLogiq with the Securities and Exchange Commission.
Logiq Chief Executive Officer, Brent Suen, commented on the news.
“The distribution of GoLogiq shares to our investors marks a long-awaited journey in which we successfully transformed our business into two standalone entities to enhance value for our shareholders. Going forward, we expect each business to be much more nimble and create greater value for all of their respective stakeholders — embarking on a new era of technological innovation and growth.”
Lovarra / GoLogiq’s new CEO, Matthew Brent added,
“From our analysis of comparable public market and private equity valuations for companies operating in the emerging markets fintech sector, we see a potentially substantial step up in valuation for AppLogiq as a standalone entity, increasing its strategic and M&A opportunities. We have already identified several M&A prospects that could add complementary technology and strong revenue streams to GoLogiq, extending our presence across Southeast Asia and into other global emerging markets. Through M&A and organically, we expect to aggressively strengthen GoLogiq in terms of both assets and revenues in the first half of 2022 prior to the planned shares distribution.”
The transfer is subject to the completion of related financial statements, customary conditions, and approvals, which is expected to be completed in Q1 2022. Subsequently, Lovarra/GoLogiq plans to acquire the remaining 69 per cent stake in WIP.
Logiq Inc’s (LGIQ) share price is down 10.26 per cent trading at C$0.35 as of 11:29 am EDT.