- Marble Financial (MRBL) has provided an update regarding its binding letter of intent with eBunch Data and Development Ltd.
- The company and the vendor have agreed to revised commercial terms relating to the sale of certain of the vendor’s assets comprising its eBunch business to Marble
- Accumulate.AI Software Ltd., a wholly-owned subsidiary of Marble, will acquire certain technology assets relating to the vendor’s inventory management system
- Marble’s primary business activity is to help consumers proactively rebuild their credit back to mainstream levels
- Marble Financial Inc. was unchanged at $0.09 as at 12:14 ET
Marble Financial (MRBL) has provided an updated regarding its binding letter of intent with eBunch Data and Development Ltd. (the vendor).
Following the completion of the vendor’s technical, operational and financial due diligence, the company and the vendor have agreed to revised commercial terms relating to the sale of certain of the vendor’s assets comprising its eBunch business to Marble.
Accumulate.AI Software Ltd., a wholly-owned subsidiary of Marble, will acquire certain technology assets relating to the vendor’s inventory management system for auto dealerships and related assets from the vendor in line with an asset purchase definitively agreement for consideration of up to C$550,000.
The purchase price will be paid by the purchaser as to: (i) $125,000 on closing, and (ii) an earn-out of up to $425,000 equal to 33-1/3 per cent of the net income of the acquired vendor’s business realized during the eight successive quarterly financial reporting periods following the closing date.
The transaction is subject to regulatory and corporate approvals and is expected to close on or before September 30, 2022.
eBunch Data and Development Ltd. is a full-service technology company providing various digital products and services, including mobile apps, online branding and marketing.
Marble’s primary business activity is to help consumers proactively rebuild their credit back to mainstream levels through data-driven financial technology solutions, financial literacy and education.
Marble Financial Inc. was unchanged at $0.09 as at 12:14 ET.
