- Logiq reports completion of GoLogiq’s distribution spin-off shares to Logiq shareholders
- Due to GoLogiq’s former shell status, Rule 144 is not expected to be available to shareholders for resale of the GoLogiq shares they receive in the spin-off
- Shareholders entitled to receive these GoLogiq shares do not need to take any action
- Logiq is a global provider of award-winning digital consumer acquisition solutions
- Logiq, Inc’s (LGIQ) share price is down 2.7 per cent trading at C$0.36 as of 2:24 pm EDT
Logiq (LGIQ) has completed the distribution of GoLogiq – formerly known as Lovarra – spin-off shares to Logiq shareholders.
This was completed on a 1:1 basis, through a special dividend, completing the previously disclosed separation of Logiq and GoLogiq into two independent, publicly-traded companies.
Shareholders entitled to receive these GoLogiq shares do not need to take any action.
Eligible GoLogiq spin-off shares held in book-entry at the transfer agent, or held in broker-dealer custody, will be automatically credited in those respective accounts.
Due to GoLogiq’s former shell status, Rule 144 is not expected to be available to shareholders for resale of the GoLogiq shares they receive in the spin-off until on or after April 12, 2023, which is one year from the date that GoLogiq filed all Form 10 information with the Securities and Exchange Commission.
Logiq Chief Executive Officer, Brent Suen, commented,
“The distribution of GoLogiq shares to our investors marks a long-awaited journey in which we successfully transformed our business into two standalone entities to enhance value for our shareholders. Going forward, we expect each business to be much more nimble and create greater value for all of their respective stakeholders — embarking on a new era of technological innovation and growth.”
GoLogiq’s Chief Executive Officer, Matt Brent, further added,
“This is a major milestone for GoLogiq, and while we are deeply appreciative of the launching pad Logiq has provided we are equally excited to pursue the strategy that we outlined earlier this month. We have quietly been working behind the scenes in recent months to execute on our business plan to capitalize on the tremendous fintech and big data growth opportunity in southeast Asia.”
Logiq Inc. is a U.S.-based leading global provider of e-commerce and digital customer acquisition solutions by simplifying digital advertising. It provides data-driven, end-to-end marketing through its results solution or allows software to access data by activating campaigns across multiple channels.
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics in Southeast Asia.
Logiq Inc’s (LGIQ) share price is down 2.7 per cent trading at C$0.36 as of 2:24 pm EDT.