"We are thrilled to announce the signing of this letter of intent with Troon Technologies," said
"Troon Technologies is pleased to announce the signing of this letter of intent with
The Transaction
While non-binding and subject to change, the LOI contemplates the terms of the Transaction which may include the Company, a subsidiary of the Company, or a newly formed entity affiliated with the Company combining with Troon Technologies. Following the Transaction, Spirit will have acquired Troon Technologies, merging their expertise, resources, and market presence to create a formidable force within the digital asset and technology sectors. This strategic partnership is set to unlock new opportunities, bolster market positioning, and drive forward ground-breaking solutions and is designed to foster collaboration and integration, ensuring a seamless transition and the realization of synergistic benefits.
The completion of the Transaction is subject to customary closing conditions and regulatory approvals. Additionally, as part of the definitive purchase agreement, Spirit will close its current financing round, which will contribute to the working capital of the business. This infusion of capital will further strengthen the merged entity's financial position and support the overall investment thesis. By securing additional funding, Spirit aims to enhance its ability to execute strategic initiatives, drive innovation, and capitalize on emerging opportunities within the digital asset industry. The merged entity will be able to pursue its investment thesis with greater conviction and create value for its clients and stakeholders thanks to the combined resources and expanded investment capabilities. Further details will be disclosed as the transaction progresses toward completion.
Additional Updates
In keeping with the goal of fostering a collaborative and unified culture, Spirit will cancel all current options and re-issue them to select individuals at a future date in accordance with applicable securities requirements and stock exchange rules. The company recognizes the importance of attracting and retaining top talent in the industry and aims to provide options that aligns with current market conditions. The new options will be priced to offer competitive incentives and align the interests of employees and stakeholders with the long-term success of the merged entity. By reassessing and reissuing the options, Spirit seeks to create a motivating and rewarding environment for its dedicated team members while driving sustained growth and performance.
Finally, the Company announces that it will conduct a non-brokered private placement (“Private Placement”) consisting of units of the Company (“Units”) at a price of
About
About Troon Technologies
Troon Technologies is a renowned technology solutions provider specializing in blockchain and digital asset solutions. With a visionary approach, Troon Technologies develops cutting-edge technology platforms and services to drive innovation and transformation across industries. The company's expertise spans blockchain development, digital asset solutions, and technology consulting.
Media Contact:
Email: info@spiritblockchain.com
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Forward-looking information in this news release includes, among other things: the proposed terms of the Transaction; the completion of the Transaction, including obtaining the customary approvals; the Company completing its financing round; the Company’s plan with respect to its options. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described under the heading “Risk Factors” in the Company’s long form prospectus dated
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Source:
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