- Stack Capital (STCK) has increased its exposure to Prove Identity via a share swap agreement
- The US$2 million transaction capitalized on an attractive valuation due to current market conditions
- The company is confident that its Prove holding, now 9 per cent of STCK book value, will be advantageous to long-term shareholders
- Stack Capital is an investment holding company focused on growth-to-late-stage private businesses
- Stack Capital (STCK) closed up by 0.55 per cent, trading at $7.35 per share
Stack Capital (STCK) has increased its exposure to Prove Identity via a share swap agreement.
Prove is a leading provider of digital consumer identity verification and authentication solutions. Its mobile-based technology seeks to modernize how consumers transact through enhanced accuracy, privacy, security and ease of use.
The US$2 million transaction capitalized on an attractive valuation due to current market conditions.
Consideration included cash and 139,440 STCK common shares.
The company increased its position in Prove by 28 per cent, which now represents 9 per cent of STCK’s book value.
“We’re extremely happy to have increased our exposure to Prove and remain confident in the long-term outlook for the business,” said Jeff Parks, CEO of Stack Capital. “Being able to use Stack common shares as currency to help execute the purchase in a non-dilutive manner is advantageous to our existing shareholders. We look forward to replicating this type of transaction in the future when the opportunity presents itself.”
Stack Capital is an investment holding company focused on growth-to-late-stage private businesses.
Stack Capital (STCK) closed up by 0.55 per cent, trading at $7.35 per share.
