Tokens.com Corp. (NEO Exchange Canada: COIN) (Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF), a publicly-traded company that builds web3 businesses and owns an inventory of digital assets, has announced that it has closed its acquisition of all of the issued and outstanding shares from the minority shareholders of Metaverse Group LTD that the Company does not already own.
In addition, Metaverse Group has launched a new website, which can be visited at metaversegroup.com, reflecting its expanding business branding.
As consideration for the acquisition, Tokens.com has issued 20,576,941 common shares to the minority Metaverse Group shareholders. Each minority Metaverse Group shareholder will receive 0.347 Tokens.com shares per Metaverse Group share. The Tokens.com shares to be issued as part of this transaction will be subject to contractual escrow provisions over a nine month period. In addition, an aggregate of 3,105,650 options to purchase shares of Tokens.com and 694,000 RSUs of Tokens.com were issued as replacement securities to certain security holders of Metaverse Group. This transaction has been approved by the board of directors of both entities, Metaverse Group shareholders, and the NEO Exchange.
Tokens.com intends to gradually pivot from its staking operations to focus on the building of Metaverse Group and Hulk Labs. In the future, the Company may seek to sell part or all of its staking inventory to finance further growth in its businesses. 'The staking business has provided a strong cushion of capital for our business since inception,' said Andrew Kiguel, CEO. 'As the Company grows, we need to evaluate where we can achieve the highest risk adjusted returns. With token values peaking in 2021 and staking rewards declining for large cap tokens, we are evaluating the most strategic and rewarding ways to use the digital assets on behalf of shareholders.' added Kiguel.
Tokens.com Corp is a publicly traded company that invests in web3 assets and owns an inventory of digital assets. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) web3 gaming. The Company also owns a portfolio of web3 related domain names.
Staking operations occur within Tokens.com. Metaverse operations occur within a subsidiary called Metaverse Group. Web3 gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within web3. Through sharing resources and infrastructure across these business segments, Tokens.com is able to efficiently incubate these businesses from inception to revenue generation.