Cryptocurrency companies , Coinsquare Ltd. and CoinSmart Financial Inc. have signed a deal to merge their operations to create what they say will be sa国际传媒's largest regulated crypto asset trading platform.
WonderFi president and interim CEO Dean Skurka says the combined company will have the scale to be the market leader in sa国际传媒, a strong balance sheet that will allow for expansion and a clear path to profitability.
Under the agreement, will issue about 269.7 million common shares to Coinsquare's shareholders and about 119.1 million common shares to CoinSmart's shareholders.
The plan will require court, regulatory and shareholder approvals.
Once the deal is complete, WonderFi shareholders will own about 38 per cent of the combined company, while Coinsquare shareholders will own about 43 per cent. CoinSmart shareholders will own about 19 per cent.
CoinSmart shareholders will also be entitled to share in an earn out of up to an additional $15 million, based on the revenues of CoinSmart's SmartPay business over a period of three years following the closing of the deal.
This report by The Canadian Press was first published April 3, 2023.
Companies in this story: (TSX:WNDR)
The Canadian Press
