Global fintech holdings ltd. entered into a share exchange agreement to acquire mict, inc. (nasdaqcm:mict) in reverse merger transaction.

Global fintech holdings ltd. entered into a share exchange agreement to acquire mict, inc. (nasdaqcm:mict) in reverse merger transaction on november 7, 2019. under the terms of the deal, global fintech will receive an aggregate of 109.9 million shares of mict common stock as merger consideration in the acquisition. the termination will take place by notice by either mict or global fintech if any of the conditions to the closing have not been satisfied or waived by january 24, 2020. the transaction is subject to approval of shareholders of mict, any waiting period (and any extension thereof) under any antitrust laws applicable to the consummation of the agreement, requisite regulatory approvals, definitive proxy statement shall have been filed with the sec, third party approval, effectiveness of lock-up agreement and voting agreement, debenture registration statement shall have been declared effective by the sec, mict shall have no indebtedness as reflected on mict’s balance sheet and the sec filings, the private placement shall have been completed, and the aggregate amount of at least $25 million shall have been released to mict and mict shall have received a fairness opinion indicating that the transactions contemplated by this agreement are fair to the stockholders of mict. the board of directors of mict and global fintech approved the deal. kenneth koch of mintz, levin, cohn, ferris, glovsky and popeo, p.c. acted as legal advisor for mict. richard i. anslow and jonathan h. deblinger of ellenoff grossman & schole llp acted as legal advisors for global fintech.
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