Neuberger Berman, Palos Capital and Fintech Ventures to Acquire IOU at C$0.22 per Share in an All-Cash Transaction
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Friday, July 14, 2023
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Peter Sterling, head of Neuberger's Specialty Finance team, said "We are excited to expand our relationship with Robert and the entire IOU team.
Key Points:
- Peter Sterling, head of Neuberger's Specialty Finance team, said "We are excited to expand our relationship with Robert and the entire IOU team.
- Philippe Marleau, the CEO of Palos, a founder of the Company, expressed "We are proud to continue participating in the success of IOU."
- The Shares held by Palos and Fintech Ventures Fund that are not Rolling Shares will be disposed of pursuant to the Arrangement under the same terms as for the other IOU shareholders.
- In connection with the Arrangement Agreement, on July 13, 2023, Palos IOU entered into a share exchange agreement (the "Share Exchange Agreement") with certain shareholders of the Company (collectively, the "Palos IOU Rolling Shareholders") whereby Palos IOU acquired from the Palos IOU Rolling Shareholders 14,321,575 Shares (including 240,433 Shares from Robert Gloer) at a price of $0.22 per Share in exchange for common shares in the capital of Palos IOU ("Palos IOU Shares") at a deemed price of C$0.22 per Palos IOU Share on a one-for-one basis (the "Acquisition").