SMC Signs Letter of Intent to Acquire Stake in a SEC Registered and FINRA Regulated Broker Dealer

Rhea-AI Summary

SMC Entertainment, Inc. (OTC PINK:SMCE) has signed a Letter of Intent to acquire a minority stake in a FINRA-regulated broker dealer based in Texas, pending regulatory approval. This strategic acquisition aims to enhance SMC’s portfolio in the financial services sector, complementing its recent acquisition of Fyniti Global Equities EBT Inc., an AI-driven wealth management technology platform. CEO Erik Blum emphasized the importance of this acquisition for executing Fyniti’s platform and expanding product offerings. Both transactions reflect SMC's growth strategy centered on becoming a premium Fintech provider.

Positive

• Acquisition of a minority stake in a FINRA-regulated broker dealer, enhancing SMC's financial services portfolio.
• Recent acquisition of AI-enabled wealth management platform Fyniti Global Equities EBT Inc., expanding technological capabilities.
• Focus on future accretive acquisitions to enhance shareholder value.

Negative

• None.

BOCA RATON, FL / ACCESSWIRE / February 28, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire a minority stake in a SEC registered and FINRA regulated broker dealer ("Broker Dealer") for equity pending FINRA approval;.

The acquisition and execution of the definitive agreement for the Broker Dealer, based in Texas, is anticipated to close after completion of due diligence by both parties and approval from regulatory agencies including FINRA.

SMC recently announced its intent to acquire AI-enabled wealth management technology platform provider, Fyniti Global Equities EBT Inc. ("Fyniti").

Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technology that combines Artificial Intelligence/Machine Learning (AI/ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT") technology.

"These two recent acquisitions are in-line with the direction we are moving. Adding a Broker Dealer to our portfolio of companies at this juncture was paramount, as this will enable us to execute on Fyniti's platform and facilitate the cross-product pollination into Fyniti's products and services," stated Erik Blum, SMC's CEO. "We look forward to many more accretive acquisitions as we continue laying the foundation for SMC to become a premium boutique Fintech provider; to the benefit of our shareholders"

About Fyniti Global Equities EBT Inc.

Fyniti Global Equities EBT Inc. is a Fintech platform developer founded by veteran wall street technologists and investment bankers. Fyniti has a clear focus on developing disruptive technologies in the Wealth Management and capital market domains. Fyniti owns the IQ Engine and EBT technology which combine to provide AI driven Quantitative investing and AI based Basket Trading platforms.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information, visit www.smceinc.com.

Press Release Contact

Erik Blum
CEO
SMC Entertainment, Inc.

Ron Hughes
Corporate Administrator
ron.hughes.operations@gmail.com
360-820-5973

Safe Harbor Statement

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

SOURCE: SMC Entertainment, Inc.

View source version on accesswire.com:
https://www.accesswire.com/741123/SMC-Signs-Letter-of-Intent-to-Acquire-Stake-in-a-SEC-Registered-and-FINRA-Regulated-Broker-Dealer

FAQ

What is SMC Entertainment's recent acquisition regarding a broker dealer?

SMC Entertainment signed a Letter of Intent to acquire a minority stake in a FINRA-regulated broker dealer based in Texas, pending regulatory approval.

When is the expected closure of the acquisition for the broker dealer?

The acquisition is anticipated to close after due diligence and regulatory approvals are completed.

How does the acquisition align with SMC's strategy?

The acquisition supports SMC's strategy to enhance its portfolio and facilitate the execution of technologies from recent acquisitions like Fyniti.

What technology does Fyniti provide?

Fyniti offers AI-driven wealth management technology, including quantitative investing and Electronic Block Trading capabilities.