Blockchain finance company GammaRey has merged with e-commerce company GoLogiq in a deal worth $320M.
GammaRey, a blockchain finance startup, and GoLogiq, a company specializing in financial e-commerce and consumer data analytics, have agreed to join, according to a statement made on January 3. While GoLogiq concentrates on consumers in Southeast Asia, both businesses are established in the United States.
GoLogiq will issue $320 million in common stock, as required by the agreements, to purchase all of GammaRey’s outstanding shares. Subject to requirements, the deal is expected to be completed in the coming weeks.
The combination, according to the two parties, would “concentrate on the high-growth industry of wealth management for Generation Z and Millennials.” GoLogiq’s chairman, Brent Suen, made the following remarks on the transaction:
“Through this highly synergistic merger, we will have achieved our goal for GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that is generating strong revenue growth and cash flow.”
Suen also said that GammaRey-introduced GoLogiq’s latest acquisition target, which has managed assets worth more than $9 billion, is nearing completion. After the purchase closes in 2023, the two parties have established a projection of more than $50 million in annual revenue.
GammaRey, a New York-based company, specializes in developer software and consumer digital wallets. The private corporation claimed to be a “profitable enterprise with robust cash flow” and to have consumer assets worth around $800 million. GoLogiq shares would continue to be traded over the counter after the merger under the symbol GOLQ.
“GoLogiq also plans to apply for an uplisting to a listed exchange, such as Nasdaq or the NYSE. Such an application would be subject to approval based on several factors, including satisfaction of minimum listing requirements.”
