Tokens.com Set To Acquire Metaverse Group
Tokens.com Corp. is pleased to announce that it has reached an agreement with the Board of Directors of Metaverse Group Ltd to purchase all of the issued and outstanding shares from the minority shareholders of Metaverse Group Ltd that the Company does not already own, with the result that the Company will own 100% of the shares of Me.
Me is a publicly traded company that invests in web3 assets and develops businesses related to crypto staking, the metaverse, and play-to-earn gaming. With roughly 55.2% of the issued and outstanding shares and 50.2% of the issued and outstanding shares, Tokens.com is the majority stakeholder of Metaverse Group at the moment.
Tokens.com will distribute 24,380,000 common shares to the minority Metaverse Group owners as payment for the transaction. For every minority Metaverse Group share, about 0.34 Tokens.com shares will be distributed to each shareholder.
The contractual escrow provisions over a nine-month period will apply to the Tokens.com shares that will be issued as part of this transaction. The boards of directors of both organisations have authorised this deal, and it is anticipated to close in May 2023, subject to approval by the NEO Exchange and the shareholders of the Metaverse Group at a meeting scheduled for April 26th, 2023.
(With inputs from Shikha Singh)
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