- RevoluGROUP (REVO) has signed a fourth addendum to its binding equity investment memorandum of understanding (MOU)
- The suitor’s exposure to the failed Silvergate and Signature banks has been contained
- A newly defined timeline sees the investment proposal culminating by midnight on April 18, 2023
- CEO Steve Marshall spoke with Shoran Devi about the news
- RevoluGROUP Canada is a multinational financial technology company active in banking, remittances, forex payments, esports, travel and blockchain, among others
- RevoluGROUP Canada (REVO) is unchanged trading at $0.15 per share
RevoluGROUP (REVO) has signed a fourth addendum to its binding equity investment MOU.
The addendum updates the state of the continued shared interest to conclude an equity acquisition by a European financially regulated entity allied to a UAE-based financial consultancy firm.
Suitor accomplishes exposure assessment to failed U.S. banks
RevoluGROUP’s suitor is confirming that its exposure to Silvergate is minimal and without consequence. However, its exposure to Signature Bank is more significant.
While an FDIC resolution appears imminent, a new timeline has proven necessary since the last addendum, which both parties believe should be definite.
New time horizon
The companies’ fourth addendum reiterates the suitor’s unwavering and steadfast commitment to conclude its investment in RevoluGROUP. A newly defined timeline sees the investment proposal culminating by midnight on April 18, 2023.
A sizeable financial penalty clause remains in place should the suitor back out of the equity investment.
The potential transaction has received Canadian Regulatory PIF, E.U. and TSXV approval.
CEO Steve Marshall spoke with Shoran Devi about the news.
RevoluGROUP Canada is a multinational financial technology company active in banking, remittances, forex payments, esports, travel and blockchain, among others.
RevoluGROUP Canada (REVO) is unchanged trading at $0.15 per share as of 10:06 am EST.
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