- SRAX’s subsidiary BIGtoken to enter merger with Britepool, company providing identity resolution and verification services for advertisers and publishers
- SRAX expects transaction to benefit company’s shareholders with exchange of its shares for preferred shares with blockers at 4.99% and or 9.99%
- Combined entity boasts highly experienced management team, appears poised to provide next-gen privacy-focused solutions
SRAX (NASDAQ: SRAX), a financial technology company focused on improving communications between public companies and their investors, has recently announced the merger between its subsidiary Force Protection Video Equipment Corp. (“FPVD”), also known as BIGtoken, and Britepool, an identity resolution and verification service for advertisers and publishers (https://ibn.fm/g0QqH). As part of the transaction, SRAX is expected to exchange its approximately 150 billion shares for preferred shares with blockers at 4.99% and or 9.99%. This move will allow the company to recognize the value of the asset on its balance sheet without the need to consolidate BIGtoken’s operating results. It will also allow company’s investors to recognize the true operating performance of the Sequire, its software-as-a-service platform that unlocks data and insights for publicly traded companies.
SRAX expects the transaction, which is awaiting regulatory approval, to benefit the company’s shareholders. “The movement of our position to a preferred share, which is currently worth a significant amount of money, will be very beneficial for our shareholders. The market will now be able to understand the true value that SRAX is generating on its own. We are currently exploring the best way to maximize the value of this asset for our shareholders,” said Christopher Miglino, Founder and CEO of SRAX.
The merger is anticipated to close in approximately thirty days. The company is positive that the combined entity boasts strong leadership. “We are excited for the BIGtoken and BritePool teams to come together for this merger. The new combined management team is incredible,” added Miglino. The new company’s CEO will be David Moore, a digital advertising pioneer who was previously a partner in BritePool. George Stella, a veteran ad tech executive and a co-founder and president of BIGtoken, will continue to serve as the president after the merger (https://ibn.fm/DwCLE).
As a company offering identity resolution and verification services for advertisers and publishers, BritePool provides precise, frequency-controlled identity targeting without third-party cookies. BIGtoken serves as a data marketplace that encourages users to share information in exchange for incentives. The combined entity will aim to provide the next evolution of privacy-focused solutions, with benefits for consumers and advertisers.
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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