- CannaOne (CNNA) is set to acquire 51% of Australian-based digital currency exchange and remittance license holder Arkin Technologies Pty Ltd.
- The acquisition allows CannaOne to operate as a turnkey licensed digital currency business
- CannaOne plans to utilize Arkin’s Digital Currency License to launch its own cryptocurrency platform
- CannaOne focuses on the development and deployment of its proprietary online marketplace platform
- CannaOne (CNNA) is down 2.78 per cent and is currently trading at C$0.70 per share
CannaOne (CNNA) is set to acquire 51% of Australian-based digital currency exchange and remittance license holder Arkin Technologies Pty Ltd.
CannaOne will pay a total of AUD$1,170,450 (approximately C$1,140,428) through an issuance of its own stock priced at a 20% discount to the market price at the closing date of the transaction.
Additionally, Arkin shareholders will be granted warrants to purchase up to an additional 250,000 shares of the company at an exercise price based on the closing market bid price on the date of closing. The warrants will have a 24-month term.
The acquisition allows CannaOne to operate as a turnkey licensed digital currency business.
CannaOne will provide Arkin with significant intellectual property and technology infrastructure, thus eliminating the need for Arkin to seek third-party technology solutions.
Additionally, by providing access to a framework of international remittance rails, CannaOne will give Arkin the technological resources it needs to successfully execute on activation and facilitation of significant remittance pipelines servicing Vietnam, the Philippines and mainland China.
Arkin will provide CannaOne with direct relationships to potential new banking partners as well as relationships with merchant-acquiring processing pipelines in Australia, New Zealand and New Guinea.
CannaOne plans to utilize Arkin’s Digital Currency Exchange and Remittance License in Australia to launch its own cryptocurrency platform.
Yeoryios Markos, CEO of Arkin, commented that,
“With the rapid growth in demand for solutions that can service the vast cryptocurrency and remittance transaction flow that is prevalent throughout the countries of ASEAN and Oceania, this proposed acquisition by CannaOne could not have come at a more opportune time for Arkin.”
Michael Penner, President and CEO of CannaOne, stated,
“We are very excited by the prospect of adding Arkin to our platform. Most of the acquisitions that we are pursuing have unfulfilled opportunities in their deal flow and network, and so we are bringing multiple teams and players to work together in a unified way.”
CannaOne has also formally closed the acquisition of a 51% ownership stake in Vasu International Payments Solutions through the issuance of 6,896,552 common shares.
CannaOne focuses on the development and deployment of its proprietary online marketplace platform. The company seeks to become a global leader in financial technology, solutions and services for merchants as it works hand in hand with select niche banking partners.
CannaOne (CNNA) is down 2.78 per cent and is currently trading at C$0.70 per share as of 1:01 pm EST.
