BIGToken Announces Closing of Share Exchange Agreement with Force Protection Video Equipment Corporation

Rhea-AI Summary

BIGToken, Inc. has successfully completed a reverse merger with Force Protection Video Equipment Corporation (OTC:FPVD), making BIGToken a public company. Under the share exchange agreement dated September 30, 2020, Force Protection issued 149,562,566,584 shares of common stock to SRAX, Inc. (NASDAQ:SRAX) in exchange for all outstanding shares of BIGToken. Additionally, Force Protection issued 7,000,000,000 shares of common stock along with other convertible stocks, totaling $815,520 in promissory notes plus interest. This move enhances BIGtoken's position in consumer data management.

Positive

• BIGToken becomes a public company, increasing visibility and access to capital.
• The merger with Force Protection allows for significant share issuance, strengthening the company's financial base.

Negative

• The share issuance is substantial, potentially leading to shareholder dilution.
• Merger-related risks and uncertainties could affect future performance.

BIGToken, Inc. announced today the closing of its previously announced share exchange transaction with Force Protection Video Equipment Corporation (OTC:FPVD) whereby BIGToken is now a public company by way of a reverse merger. Pursuant to the terms of the share exchange agreement dated September 30, 2020, as amended, Force Protection issued SRAX, Inc. (Nasdaq:SRAX), the parent company of BIGToken, an aggregate of 149,562,566,584 shares of common stock in exchange for 100% of the issued and outstanding shares of BIGToken. As part of the transaction, Force Protection also issued 7,000,000,000 shares of common stock and 8,318 shares of the Force Protection’s Series C convertible stock, convertible into an aggregate of 9,991,922,638 shares of common stock, subject to certain ownership limitations, which were issued in exchange for promissory notes in the aggregate amount of $815,520 plus accrued interest of $32,597.

About BIGtoken

BIGtoken® is a consumer data management and distribution system. BIG is the first consumer-managed data marketplace where people can own and earn from their data. Through a transparent platform and consumer reward system, BIG offers consumers choice, transparency, and compensation for their data. Participating consumers earn rewards, and developers are able to build pro-consumer online experiences on top of the BIG platform. The system also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. For more information on BIGtoken, visit bigtoken.com.

About SRAX

SRAX (NASDAQ: SRAX) is a financial technology company that unlocks data and insights for publicly traded companies. Through its premier investor intelligence and communications platform, Sequire, companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels. For more information on SRAX, visit srax.com.

Cautionary Statement Regarding Forward-Looking Information:

This news release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in our business, and our need for future capital. Actual results may differ materially from the results anticipated in these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005621/en/

FAQ

What does the reverse merger of BIGToken and FPVD involve?

The reverse merger involves BIGToken becoming public by exchanging shares with Force Protection Video Equipment Corporation, with SRAX receiving over 149 billion shares of common stock.

What are the implications of the BIGToken and FPVD merger on SRAX stock?

The merger could enhance SRAX's visibility in consumer data management, but the substantial share issuance may lead to dilution concerns.

How many shares were issued in the BIGToken merger with FPVD?

Force Protection issued a total of 149,562,566,584 shares of common stock to SRAX and additional shares in connection with promissory notes.

What is the significance of the share exchange agreement dated September 30, 2020?

This agreement is critical as it formalized the terms under which BIGToken merged with Force Protection, facilitating the latter's public status.

What are the potential risks associated with the BIGToken merger?

Potential risks include shareholder dilution due to the large number of shares issued and uncertainties related to future performance.