8i Enterprise JFKKU = 1C, 1R, 1W(1/2)
May 07, 2020 8i Enterprises Acquisition ) (“JFK” or the “Company”),-- it has amended the Share Exchange Agreement (“Amendment”) with Diginex Limited (“Diginex” or the “Company”), a blockchain financial services and technology company, to extend the date by which it much complete its business combination to June 23, 2020 and to include new covenants and closing conditions of the parties.
JFK has called a special shareholder meeting for June 15, 2020 to vote on the business combination along with the other proposals. All parties remain committed to the business combination, which if consummated, will result in Diginex becoming the first company listed on Nasdaq with a digital asset exchange.
The Amendment, among other things, increases (i) the number of shares issuable to the Diginex shareholders at the closing of the business combination from 20,000,000 to 25,000,000, (ii) the number of earnout shares the Diginex shareholders would be entitled to receive upon the attainment of certain stock price targets from an aggregate of 5,000,000 over the three-year period after the closing of the business combination to 12,000,000 over the four-year period after the closing of the business combination, and (iii) from 4,200,000 to 5,600,000 the number of options to purchase ordinary shares of the combined company that will be issued in exchange for the currently outstanding options to purchase ordinary shares of Diginex.
The parties have also agreed, among other things, that Diginex will use commercially reasonable efforts to raise gross proceeds of $15,000,000 of additional capital through a private placement prior to the closing of the business combination and that it will be a closing condition that JFK will have at least $15,000,000 in its trust account after taking into account redemptions by JFK’s shareholders, but prior to taking into account JFK’s liabilities for any fee and costs related to the business combination.
Warrants - 2 + 11.50. Call 16.50.
Term 12 months + two 3 mo. periods at $0.10 per 3mo.
Trust at IPO $10.
$57,500,000 w/ over-allotment. 5,750,000 trust shares.
No specific focus. Headquarters Singapore.
Our Chairman and Chief Executive Officer, Mr. James Tan, has more than 20 years of experience in building up start-ups, managing publicly listed companies, and executing M&A deals in Asia. Through his privately held vehicle, 8i Capital Limited, Mr. James Tan has identified and acquired private and public companies, developing a large base of relationships and a network in Asia that can deliver opportunities for us, with access to governments, private and public companies with growth prospects, and financial institutions. Mr. Tan, having served as Chairman, Chief Executive Officer and director of several public and private companies, both in Asia and the US, has experience with corporate governance and has developed a network of capable people who can assist in completing a business combination.
Our Chief Financial Officer, Mr. William Yap, CFA, has more than 20 years of experience in sourcing and evaluating potential investment targets in Asia, and has developed a proprietary network of business leaders, investors and intermediaries in Asia that can generate deal flows for us. He brings with him a disciplined process of conducting deal origination and evaluation, due diligence, and investment.