TechX Technologies Inc. (CSE: TECX) announced this morning that it has completed the acquisition of fintech startup Mobilum. The transaction is for a total aggregate consideration of $16.0 million.
The tech company acquired 100% equity of Mobilum via issuing 26,666,667 TechX common shares at $0.60 per share.
“With the infusion of funds from our last financing round, we expect to quickly grow from the $150,000 in daily processing volumes we are currently doing by expanding the on-ramp offering to other cryptocurrency exchanges and businesses,” said TechX CEO Peter Green.
Following the acquisition, TechX’s board also approved changing the company’s name to Mobilum Technologies. This move also entails the company changing its ticker symbol at the Canadian Securities Exchange from “TECX” to “MBLM”.
The company also relayed that the Mobilum digital wallet engages in over 237 cryptocurrencies and allows its users to earn high-interest rewards and yields with DeFi.
TechX Technologies last traded at $0.36 on the CSE.
Information for this briefing was found via Sedar and TechX Technologies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.