Mortgage Connect LP entered into an agreement to acquire Adfitech, Inc. (OTCPK:ADFT) for approximately $29 million on March 9, 2022. Under the terms of the agreement, Mortgage Connect will acquire all of the outstanding shares of ADFITECH for an aggregate purchase price of approximately $29 million in cash, which represents a per share purchase price of approximately $3.6343. Upon closing of the merger, ADFITECH will become a subsidiary of Mortgage Connect and cease being traded on the OTC Market: Pink Market.

The transaction is subject to customary closing conditions and, subject to receipt of approval of the delisting of ADFITECH's stock from the OTC Market. The transaction has been approved by 63.16% of ADFITECH's stockholders by written consent on March 9, 2022. ADFITECH's Board unanimously approved the transaction.

The transaction is expected to close approximately 21 days following the delivery of the notice and information statement to ADFITECH stockholders. The Coury Firm LLC acted as financial advisor and SmithAmundsen LLC acted as legal advisor to Mortgage Connect. Cowen acted as financial advisor and McAfee & Taft acted as legal advisor to Adfitech; and, Stephens Inc. acted as fairness opinion provider to Adfitech's Board of Directors.