Supply@Me Capital PLC - London-headquartered fintech platform - Signs share purchase agreement to buy entire issued share capital of TradeFlow Capital Management Pte Ltd, a Singapore-based FinTech-powered commodities trade enabler focused on small and medium enterprises. Supply@Me will pay GBP4 million in cash and issue 813 million new shares to TradeFlow, which represents less than 3% of its issued share capital.
"The acquisition will enable SYME to further enhance its platform, delivering a global inventory monetisation service, including the monetisation of both inventory 'in-transit' (in particular, commodities), and warehoused goods," company says.
Supply@Me also will hand out earn-out payments covering the period from January 2021 to December 2023, made in cash or shares, based on TradeFlow achieving annual revenue targets.
Chief Executive Alessandro Zamboni says: "By bringing TradeFlow into the Supply@ME stable, we will have an offering for the supply chain sector which surpasses anything available globally, with vast opportunities to create even more value for our investors."
Current stock price: 0.42 pence, up 5.3% on Wednesday
Year-to-date change: down 26%
By Paul McGowan; paulmcgowan@alliancenews.com;
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Supply@me Cap (SYME)