In a recent development, WeTrade Group (NASDAQ: WETG) has announced a share purchase agreement to acquire a stake in Future Dao Group Holding Limited. The transaction involves the purchase of 2,000 ordinary shares at a price of $6,698 per share, totaling $13.4 million.
The payment will be made through the issuance of approximately 3.94 million shares of WeTrade common stock, valued at $3.4 per share.
This valuation is notably higher than the average trading price of WeTrade shares on the Nasdaq Capital Market, which stood at $3.19 in the five days preceding the agreement. The share distribution will be proportional to the number of shares sold by each seller.
The agreement includes standard representations, warranties, and indemnification clauses, ensuring protection against material breaches. Additionally, the transaction is contingent upon WeTrade obtaining necessary authorizations and consents, with no stop order or trading suspension imposed by NASDAQ, SEC, or other relevant authorities.
Approved by WeTrade's board of directors and a majority of its shareholders on February 26, 2024, the deal is expected to finalize in the second quarter of 2024, subject to customary closing conditions.
This strategic acquisition is based on a press release statement and is part of WeTrade's broader efforts to expand its portfolio and market presence.
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