Banxa Bolsters Board with Tony G and Enters into Agreement to Mutually Terminate Arrangement Agreement
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF) announced the mutual termination of its arrangement agreement with 1493819 B.C. , a private company formed by co-CEOs Zafer Qureshi and Holger Arians for a previously planned going-private transaction. The decision follows overwhelming shareholder sentiment to remain public and unsuccessful negotiations with Exodus Movement, Inc.
The company conducted a comprehensive 43-day go-shop period, reaching out to over 120 potential buyers. Following these developments, Richard Wells resigned from the board, and Antanas ('Tony G') Guoga was appointed as the new Chairman. Tony G, a Lithuanian-Australian entrepreneur with extensive experience in crypto and gaming businesses, has become Banxa's second-largest shareholder.
The company maintains a positive outlook for 2025, particularly regarding potential favorable crypto regulations in the United States and other jurisdictions.
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF) ha annunciato la risoluzione reciproca del suo accordo di intesa con 1493819 B.C., una società privata fondata dai co-CEO Zafer Qureshi e Holger Arians per una transazione di privatizzazione precedentemente pianificata. La decisione segue un forte sentimento degli azionisti che desiderano rimanere pubblici e negoziazioni non riuscite con Exodus Movement, Inc.
L'azienda ha condotto un periodo di esplorazione di 43 giorni, contattando oltre 120 potenziali acquirenti. A seguito di questi sviluppi, Richard Wells si è dimesso dal consiglio, e Antanas ('Tony G') Guoga è stato nominato nuovo Presidente. Tony G, un imprenditore lituano-australiano con ampia esperienza nel settore delle criptovalute e dei giochi, è diventato il secondo azionista di maggioranza di Banxa.
L'azienda mantiene un outlook positivo per il 2025, in particolare riguardo a potenziali regolamenti favorevoli sulle criptovalute negli Stati Uniti e in altre giurisdizioni.
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF) anunció la terminación mutua de su acuerdo de arreglo con 1493819 B.C., una empresa privada formada por los co-CEOs Zafer Qureshi y Holger Arians para una transacción de privatización previamente planeada. La decisión sigue un abrumador sentimiento de los accionistas de permanecer como empresa pública y negociaciones fallidas con Exodus Movement, Inc.
La compañía realizó un completo período de búsqueda de 43 días, contactando a más de 120 compradores potenciales. Tras estos desarrollos, Richard Wells renunció a la junta, y Antanas ('Tony G') Guoga fue nombrado nuevo Presidente. Tony G, un empresario lituano-australiano con amplia experiencia en negocios de criptomonedas y juegos, se ha convertido en el segundo mayor accionista de Banxa.
La compañía mantiene una perspectiva positiva para 2025, especialmente en lo que respecta a posibles regulaciones favorables de criptomonedas en los Estados Unidos y otras jurisdicciones.
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF)는 공동 CEO인 Zafer Qureshi와 Holger Arians가 설립한 사모 회사인 1493819 B.C.와의 협약 계약 상호 종료를 발표했습니다. 이 결정은 주주들이 공개 회사로 남기를 원한다는 압도적인 의견과 Exodus Movement, Inc.와의 협상 실패에 따른 것입니다.
회사는 43일 간의 포괄적인 탐색 기간을 진행하며 120개 이상의 잠재 구매자에게 연락했습니다. 이러한 발전에 따라 Richard Wells가 이사회에서 사임하고, Antanas ('Tony G') Guoga가 새로운 의장으로 임명되었습니다. Tony G는 암호화폐 및 게임 비즈니스에서 풍부한 경험을 가진 리투아니아-호주 기업가로, Banxa의 두 번째로 큰 주주가 되었습니다.
회사는 2025년에 대한 긍정적인 전망을 유지하며, 특히 미국 및 기타 관할권에서의 유리한 암호화폐 규제 가능성에 대해 기대하고 있습니다.
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF) a annoncé la résiliation mutuelle de son accord de disposition avec 1493819 B.C., une entreprise privée fondée par les co-CEO Zafer Qureshi et Holger Arians pour une transaction de privatisation précédemment prévue. La décision fait suite à un sentiment écrasant des actionnaires de rester public et à des négociations infructueuses avec Exodus Movement, Inc.
L'entreprise a mené une période de recherche complète de 43 jours, contactant plus de 120 acheteurs potentiels. Suite à ces développements, Richard Wells a démissionné du conseil d'administration, et Antanas ('Tony G') Guoga a été nommé nouveau président. Tony G, un entrepreneur lituanien-australien ayant une vaste expérience dans les affaires de crypto et de jeux, est devenu le deuxième plus grand actionnaire de Banxa.
L'entreprise maintient des perspectives positives pour 2025, en particulier concernant les potentielles réglementations favorables aux cryptomonnaies aux États-Unis et dans d'autres juridictions.
Banxa Holdings Inc. (TSXV: BNXA) (OTC: BNXAF) hat die gegenseitige Beendigung seines Arrangementvertrags mit 1493819 B.C. bekannt gegeben, einem privaten Unternehmen, das von den Co-CEOs Zafer Qureshi und Holger Arians für eine zuvor geplante Privatisierungstransaktion gegründet wurde. Die Entscheidung folgt einem überwältigenden Aktionärsgefühl, öffentlich zu bleiben, und gescheiterten Verhandlungen mit Exodus Movement, Inc.
Das Unternehmen führte einen umfassenden 43-tägigen Suchzeitraum durch und kontaktierte über 120 potenzielle Käufer. Nach diesen Entwicklungen trat Richard Wells aus dem Vorstand zurück, und Antanas ('Tony G') Guoga wurde zum neuen Vorsitzenden ernannt. Tony G, ein litauisch-australischer Unternehmer mit umfangreicher Erfahrung in den Bereichen Krypto und Gaming, ist der zweitgrößte Aktionär von Banxa geworden.
Das Unternehmen hat eine positive Perspektive für 2025, insbesondere in Bezug auf potenziell günstige Krypto-Regulierungen in den Vereinigten Staaten und anderen Jurisdiktionen.
- Appointment of prominent crypto industry figure Tony G as Chairman and major shareholder
- Strong shareholder support for remaining a public company
- Maintained access to public markets for future capital raising
- Extensive market interest demonstrated by 120+ potential buyers during go-shop period
- Failed going-private transaction attempt
- Unsuccessful negotiations with Exodus Movement, Inc.
- Company required to reimburse certain transaction costs to the Purchaser
Toronto, Ontario--(Newsfile Corp. - February 18, 2025) - Banxa Holdings Inc. (TSXV: BNXA) (OTC Pink: BNXAF) (FSE: AC00) ("Banxa" or the "Company") announced today that, effective February 18, 2025, the Company and 1493819 B.C. Ltd. (the "Purchaser"), being the private company formed by Zafer Qureshi and Holger Arians, the co-Chief Executive Officers of Banxa, to pursue the previously announced management-led going-private transaction involving Banxa, have entered into a termination agreement that mutually terminates the arrangement agreement entered into by the Company and the Purchaser on December 19, 2025, as amended (the "Arrangement Agreement"). Other than with respect to certain transaction costs which are subject to reimbursement by the Company in favour of the Purchaser, the termination is without liability or cost to either party (including with respect to the payment of any break fees).
As a result, the previously announced special meeting of the shareholders of Banxa, scheduled for February 25, 2025, is cancelled.
Among other things, the decision to mutually terminate the Arrangement Agreement heeds the overwhelming sentiment expressed by Banxa securityholders in recent weeks that Banxa should remain a public company.
Further to the Company's news release dated February 4, 2025, the decision also follows from the inability of the Company and Exodus Movement, Inc. to expeditiously settle and execute an amended and restated arrangement agreement on mutually agreeable terms (following the expiry of the Purchaser's right to match period at 5:00 p.m. (Vancouver time) on February 10, 2025).
Richard Wells, the Chair of the Special Committee, said, "We entered into the Arrangement Agreement with the Purchaser on December 19, 2024 believing that it was in the best interests of Banxa and would deliver value to our shareholders. During the course of the subsequent 43-day go-shop period, the Special Committee, working together with its external advisors, ran a comprehensive market canvass in which more than 120 potential buyers (including numerous strategics) were solicited. The decision to remain a public company is the culmination of this extensive process."
"Banxa has grown from a small growth company in 2014 to one of the crypto industry's leading financial technology payment providers," commented Mr. Arians, co-CEO of Banxa. "With substantially improved market sentiment, we are excited about what the future holds for the Company and with the continued benefit of public markets access."
"I want to thank our valued professionals, clients and vendors for their patience throughout this process. The deft stewardship of the Special Committee by Richard Wells in particular was remarkable. We thank him for his tireless efforts," added Mr. Qureshi, co-CEO of Banxa. "This outcome does not change our strategy for 2025 and onward. We have a very constructive outlook on 2025, particularly in view of a possibly favourable regulatory environment for crypto which is developing in the United States and elsewhere."
Changes to Board of Directors
With the culmination of the work of the Special Committee, Mr. Wells has resigned from the board of directors (the "Board"), effectively immediately.
The Company is also pleased to announce the appointment of Antanas ("Tony G") Guoga to the Board as Chairman, effective immediately. Over the coming days, the Board will also be interviewing possible independent director candidates.
"We are excited to welcome Tony G to the Board," said Mr. Arians. "His experience will be invaluable as Banxa continues implementing its strategy and vision to become the leading embedded crypto platform in the world. The Board believes that Tony G's appointment will help propel Banxa to new heights."
"The future of digital asset payments depends on trusted infrastructure and Banxa is building it. As a leading embedded crypto infrastructure platform provider, Banxa connects global fiat and crypto ecosystems. With a regulated global payment network, deep liquidity, and a growing suite of financial services, Banxa is well-positioned to become a critical player in the space. Despite its strong fundamentals and expanding reach, I believe the market is undervaluing its potential. I see immense long-term growth ahead and I'm backing this with action by becoming the second largest shareholder," said Tony G.
Tony G is a prominent Lithuanian-Australian entrepreneur, poker player and former politician. In business, Tony founded PokerNews, which has become one of the largest poker media outlets globally, and launched TonyBet, an international betting platform that was acquired by Betsson. He also established the Blockchain Centre Vilnius, a hub for blockchain startups, and is a director and advisor to numerous crypto-related businesses, including as Chairman and major shareholder of TSXV-listed Sol Strategies. His academic background includes a degree in Accounting and Finance from RMIT University in Australia.
About Banxa Holdings Inc.
Banxa is the leading infrastructure provider for enabling embedded crypto - empowering businesses to embed crypto seamlessly into their existing platforms and unlocking new opportunities in the rapidly evolving crypto economy. Through an extensive and growing network of global and local payment solutions and regulatory licenses, Banxa helps businesses provide seamless integration of crypto and fiat for global audiences with lower fees and higher conversion rates. Headquartered in the USA, Europe, and Asia- Pacific, the Banxa team is building for a world where global commerce is run on digital assets. For further information visit www.banxa.com.
CONTACTS
Investors:
Zafer Qureshi
investors@banxa.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ENDS
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi, Executive Director and co-Chief Executive Officer, +1-888-332-2692
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-Looking information may be identified by statements including words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could,", "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and the conditional.
Statements including forward-looking information may include, without limitation, statements regarding the future prospects of the Company and other statements that are not material facts. Forward-Looking information is based on assumptions that may prove to be incorrect. The Company considers such assumptions to be reasonable in the circumstances. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. By its nature, forward-looking information involves known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause actual results to differ materially from any future or potential results expressed or implied by such forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241257
FAQ
Why did Banxa (BNXAF) terminate its going-private transaction in February 2025?
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How many potential buyers were approached during Banxa's (BNXAF) go-shop period?
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