8i Enterprises Acquisition Corp. Announces That Its Intended Merger Target – Diginex Appoints New Chairman, Chi-Won Yoon
8i Enterprises Acquisition Corp. (NASDAQ: JFK) announced the appointment of Chi-Won Yoon as Chairman of Diginex, a digital asset financial services firm. The transition occurs as the company prepares for its Nasdaq listing and a business combination with JFK, expected in September 2020. Yoon, with extensive experience at UBS AG, will lead Diginex's growth in the crypto exchange market. Former Chairman Miles Pelham remains an advisor and significant shareholder. This leadership change signals potential strategic growth for Diginex's EQUOS platform.
- Chi-Won Yoon's extensive experience in financial services, particularly at UBS, may enhance Diginex's strategic direction.
- The anticipated Nasdaq listing could improve visibility and access to capital for Diginex.
- The leadership transition aims to position Diginex competitively in the crypto exchange market.
- Diginex has a limited operating history and has reported net losses, posing risks to financial stability.
- The success of the Nasdaq listing and business combination is not guaranteed, relying on shareholder approvals.
Mr. Yoon will lead the Diginex board as it embarks on the next phase of its evolution, including its proposed listing on Nasdaq and growth of EQUOS into a leading spot and derivatives crypto exchange.
NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- 8i Enterprises Acquisition Corp. (NASDAQ: JFKKU, JFK, JFKKW, JFKKR) (“JFK” or the “Company”), a special purpose acquisition company, today announced that Diginex, a digital asset financial services and advisory company with which JFK entered into a definitive share exchange agreement dated July 9, 2019, appointed Chi-Won Yoon as its Chairman of the Board. Mr. Yoon currently serves on the board of Hyundai Motor Company and previously served on the executive board of UBS AG. He brings three decades of financial services and listed company experience to Diginex, as it prepares for the closing of its transaction with JFK, expected in September 2020.
Mr. Yoon succeeds Miles Pelham, Founder of Diginex, who will continue to act as an advisor to the company and remains a significant shareholder. Mr. Yoon, who previously acted in the capacity of Asia Chairman of Diginex, will lead the company into the next stage of its evolution following the planned business combination with JFK.
During his 22-year tenure at UBS, Mr. Yoon served as President and CEO of UBS AG, Asia Pacific, and was a member of the UBS Group Executive Board from 2009 to 2015. He oversaw the entire bank in 13 countries around the region and was responsible for UBS's three main divisions: Investment Banking, Wealth Management and Global Asset Management. Mr. Yoon also held various positions including Hong Kong Country Head, Head of Equities, and Head of Securities Asia Pacific, and established UBS’s equity derivatives business in Asia.
Mr. Yoon, who also held positions at both at Lehman Brothers in New York and Hong Kong and, before that, at Merrill Lynch in New York, has a bachelor’s degree in electrical engineering from M.I.T. and a master’s degree in finance from M.I.T.’s Sloan School of Management
About Diginex
Diginex is a blockchain financial services and technology company. Diginex partners with institutional investors, corporations, and governments to make digital assets more accessible, business processes more efficient and secure. Diginex believes its collaborative approach and pursuit of global cooperation is optimal to drive institutional adoption of blockchain technologies and the regulated use of digital assets. For more information visit: https://www.diginex.com/
About 8i Enterprises Acquisition Corp.
8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia.
Disclaimer
8i Enterprises Acquisition Corp, a British Virgin Islands business company (“JFK”), Diginex Limited, a Singapore public company limited by shares (“Singapore NewCo”), DIGITAL INNOVATIVE LIMITED, a British Virgin Islands business company (“BVI NewCo”), and Diginex Limited, a Hong Kong company (“Diginex”), and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of JFK ordinary shares in respect of the proposed transaction among such persons (the “Business Combination”). Information about JFK’s directors and executive officers and their ownership of JFK’s ordinary shares is set forth in the Registration Statement on Form F-4 jointly filed by Singapore NewCo and JFK pertaining to the Business Combination (the “Form F-4”). This document can be obtained free of charge from the sources indicated below.
The Form F-4 contains a proxy statement/prospectus for JFK’s shareholders (the “Definitive Proxy Statement”). JFK has mailed the Definitive Proxy Statement and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the Business Combination and other proposals set forth in the Definitive Proxy Statement. INVESTORS AND SECURITY HOLDERS OF JFK ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE BUSINESS COMBINATION THAT JFK WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT JFK, SINGAPORE NEWCO, BVI NEWCO, DIGINEX AND THE BUSINESS COMBINATION. The Definitive Proxy Statement and other relevant materials in connection with the Business Combination, and any other documents filed by JFK with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to 8i Enterprises Acquisition Corp, 6 Eu Tong Sen Street, #08-13 The Central, Singapore.
Forward Looking Statements
This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the identification of a target business and potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the prospectus filed by JFK in connection with its initial public offering on March 27, 2019. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the proposed transaction; the inability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, the amount of cash available following any redemptions by JFK shareholders; the ability to meet Nasdaq’s listing standards following the consummation of the proposed transaction; and costs related to the proposed transaction. Important factors that could cause the combined company’s actual results or outcomes to differ materially from those discussed in the forward-looking statements include: Diginex’s limited operating history and history of net losses; Diginex’s ability to manage growth; Diginex’s ability to execute its business plan; Diginex’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Diginex’s products; Diginex’s ability to identify and integrate acquisitions; potential litigation involving the Company or Diginex or the validity or enforceability of Diginex’s intellectual property; general economic and market conditions impacting demand for Diginex’s products and services; and such other risks and uncertainties as are discussed in the Company’s prospectus filed in connection with its initial public offering and the proxy statement to be filed relating to the business combination. Other factors include the possibility that the proposed business combination does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions.
The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contacts
For inquiries regarding 8i Enterprises Acquisition Corp.:
William Yap, CFA
Chief Financial Officer
Email: ir@8icorp.com
Phone: +65 6788-0388
or
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1 732-910-9692
For inquiries regarding Diginex:
Heather Dale
Chief Marketing Officer
Email: heather.dale@diginex.com
Phone: +852 9274 3312
FAQ
What is the purpose of Chi-Won Yoon's appointment as Chairman of Diginex?
When is the business combination between JFK and Diginex expected to close?
What impact does the leadership change at Diginex have on investors?
How does the Nasdaq listing benefit Diginex?
What challenges does Diginex face moving forward?
