THE INX DIGITAL COMPANY PROVIDES UPDATE REGARDING REPUBLIC TRANSACTION
TORONTO, May 15, 2024 /CNW/ - The INX Digital Company, Inc. (Cboe CA: INXD) (OTCQB: INXDF) (INXATS: INX), the owner of INX.One, a security token and digital asset trading platform, U.S. broker-dealer, alternative trading system, transfer agent, and inter-dealer broker (through its subsidiaries), has been notified by OpenDeal Inc. (dba Republic) ("Republic") that despite the challenging funding environment, Republic remains committed to exploring the potential acquisition of the entire share capital of INX (the "Acquisition") as contemplated under the term sheet between INX and Republic dated June 15, 2023 (the "Term Sheet"). Both parties remain optimistic about future opportunities and are actively pursuing solutions to bring their shared vision to fruition.
Republic acknowledged that INX will not extend the "drop-dead-date" for execution of the definitive agreement in connection with the Acquisition under the Term Sheet, which will lapse on May 15, 2024, in accordance with its terms. The parties have agreed to keep the lines of communication open and may resume discussions with respect to the Acquisition should INX determine it be in the best interests of INX at the time.
The parties decided to continue strengthening their relationship under their existing collaboration agreement, which they believe has increased efficiency, mutual value creation, and reduced costs. This ongoing relationship has already yielded benefits for both parties.
Shy Datika, CEO of INX, stated, "Our commercial relationship with Republic has demonstrated notable progress, yielding significant business opportunities for both entities. We remain dedicated to fostering this successful collaboration and remain receptive to further strengthening our strategic ties should it be mutually beneficial."
INX provides regulated trading platforms for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and a disciplined regulatory approach.
INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which we raised US$84 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA. For more information, please visit the INX Group website here.
Headquartered in New York City, Republic is a global financial firm operating an enterprise-focused digital merchant bank and a multi-jurisdictional retail-focused investment platforms network. Backed by Valor Equity Partners, Galaxy Interactive, Morgan Stanley, Hashed, AngelList, and other leading institutions, Republic boasts a portfolio of over 1500 companies and a community of nearly 3M members from over 100 countries. More than $2 billion has been deployed through investment platforms, funds, and firms within the Republic family of companies. Republic has established operations in the US, the UK, the UAE, South Korea, and Singapore.
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, INX has made certain assumptions, including with respect to, the continuous development of the INX trading platform, the completion of the transactions described herein, the offering of non-deliverable cryptocurrency forwards, and the development of the digital asset industry. Although INX believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to regulatory developments, the state of the digital securities and cryptocurrencies markets, and general economic conditions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, INX disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
CBOE Canada is not responsible for the adequacy or accuracy of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE The INX Digital Company, Inc.
The INX Digital Company, Inc., Investor Relations, Attn.: Alan Silbert, +1 855 657 2314, Email: [email protected]
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