Blackboxstocks To Acquire Evtec Aluminium
(RTTNews) - Fintech company Blackboxstocks Inc. (BLBX) announced Wednesday that it executed a definitive agreement to acquire Evtec Aluminium Ltd. The transaction is expected to close in the first quarter of 2024.
Evtec is a supplier of proprietary mission critical parts for the Electric Vehicle (EV), Hybrid, Performance and Luxury OEM automotive markets.
Post-closing, Blackbox and Evtec Aluminum common stockholders will own 26.7% and 73.3% of the estimated 12,000,000 common shares outstanding post-merger, respectively.
Blackbox plans to acquire the remaining 87% of Evtec Automotive in the first quarter of 2024. Evtec Automotive's inclusion in the merger would result in Blackbox shareholders retaining 9.5% of the combined companies.
Blackbox common stockholders of record immediately prior to closing of the transaction will receive a contingent value right for the net proceeds received by the Company for the sale or spin-off of the current Blackbox fintech operations within a 24-month period after the close of the merger. The current Blackbox operations will be moved into a new subsidiary prior to the closing.
The transaction is expected to close in the first quarter of 2024 and is subject to customary closing conditions including but not limited to regulatory, lender and stockholder approval.
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