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Alternative Market Briefing

Diginex takes reverse merger route to go public with an initial enterprise value of $276m

Thursday, July 11, 2019

Laxman Pai, Opalesque Asia:

Hong Kong-based cryptocurrency and blockchain financial technology company, Diginex said that it is going public through a reverse merger with 8i Enterprises Acquisition Corp, the first Singapore-sponsored "blank cheque" company listed on Nasdaq.

Upon completion of the transaction, Diginex is anticipated to have an initial enterprise value of approximately $276m, including debt, according to a press release.

The joint press release said that Diginex will be listed on Nasdaq following the deal with 8i.

This so-called reverse merger is a nonconventional way of getting into the public markets and could be much faster than an IPO. 8i Enterprises trades publicly on the US major exchange under the ticker JFK.

This effectively makes Diginex a publicly listed firm without filing for an initial public offering (IPO) or meeting stiffer listing requirements.

The U.S. Securities and Exchange Commission (SEC), however, will still need to approve Diginex's proxy filing.

The Bloomberg sources said that Diginex shareholders would receive 20 million ordinary shares in 8i, valued at $10 each. Both firms declined to comment on the merger, Bloomberg said.

Diginex CEO Richard Byworth said this transaction will increase their broader market visibility as the company plans to further roll out its global platform which includes exchange infrastructure, product offering, licenses and market expansion into key geographies around the wo......................

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