Orangekloud to Acquire VeVe Operator Orbis Technology in Definitive Deal
ORKT sits 62% above its 52-week low of $0.617.
Summary
Orangekloud Technology has entered into a definitive agreement to acquire Orbis Technology Limited, the operator of VeVe, a digital collectibles platform. The deal expands Orangekloud's footprint into the NFT and digital asset space, a strategic move given the company's small market cap. The Exchange Agreement provides for up to 600M Orangekloud shares, deemed $1.00 each, for 100% of Orbis, a $30M-$100M private placement, a $1M non-refundable deposit from Orbis, and a name change to VeVe Inc. with ticker VEVE. The transaction is subject to customary closing conditions and regulatory approvals. This follows a quiet period for the company, with only routine SEC filings in recent months.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — The Exchange Agreement provides for up to 600M Orangekloud shares (deemed $1.00 each) for 100% of Orbis, a $30M-$100M private placement, a $1M non-refundable deposit from Orbis, and a name change to VeVe Inc. with ticker VEVE.
At the time of this announcement, ORKT was trading at $1.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.8M. The 52-week trading range was $0.62 to $3.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.