- SRAX has announced acquisition of LD Micro, a leading data company serving small and micro-cap listed company space
- SRAX will pay gross consideration of 1.6 million new SRAX shares along with four $1 million installments
- Following acquisition, LD Micro will be wholly-owned subsidiary of SRAX and will continue to employ Christopher Lahiji, its founder, as president
- Christopher Lahiji has also been named to SRAX Board of Directors
SRAX (NASDAQ: SRAX), a financial technology company focused on unlocking data and insights for publicly traded companies through Sequire, its SaaS platform, announced that it had recently closed the acquisition of LD Micro, a leading data and event company serving the small and micro-cap space (https://ibn.fm/qBBEN). SRAX will pay a total consideration of 1.6 million new Class A SRAX common shares to LD Micro’s shareholders, which will be subject to a 36-month lock-up in addition to four quarterly installments of $1 million, with the first payment made upon the closing of the acquisition.
LD Micro was founded in 2006 with the purpose of providing investors with an independent resource into the listed micro-cap space. What started out as a newsletter highlighting unique companies eventually transformed into several influential events, which have firmly entrenched themselves as must-attend occasions for members of the listed micro-cap universe and institutional investors alike. Separately, LD Micro also launched ldmicro.com, a portal providing exclusive intraday information on the entire sector, including the first pure micro-cap index (LDMi) which covers stocks in North America boasting market capitalizations between $50 million to $300 million.
In early September, LD Micro held its flagship Main Event conference, which attracted over 1,500 delegates and hosted close to 300 innovative companies derived from a variety of sectors, including technology, biotech, pharmaceuticals, and alternative energy among various others. In illustration of the considerable breadth of the company’s flagship conference, the event featured a number of keynote addresses focused around noteworthy updates within the IPO market for North American microcaps. Discussions centered around the evolution of cryptocurrency as well updates from the Securities & Exchange Commission on recent regulatory developments within the listed microcap equity universe.
Following the acquisition, LD Micro will become a wholly-owned subsidiary of SRAX and will continue to employ Christopher Lahiji, its founder, as president. Mr. Lahiji has also been appointed to the board of directors of SRAX.
A more comprehensive description of the terms and conditions of the transaction is disclosed, and copies of the transaction documents are filed, in the Company’s current report on Form 8-K filed with the Securities Exchange Commission on September 11, 2020, which is available on the Company’s website and at www.SEC.gov.
For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
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