Vemanti Group, Inc. completed the acquisition of 20% stake in Fvndit, Inc from Trung Viet Vo and Thomas Duc Tran for $0.3 million.
November 12, 2018
Share
Vemanti Group, Inc. (OTCPK:VMNT) entered into a definitive agreement to acquire 20% stake in Fvndit, Inc. on July 10, 2018. The consideration will be paid in cash and stock. The transaction is subject to conditions on agreement of closing documentation, verification of all records, confirmation of the transferability of ownership, shareholders approval, Board approval and regulatory approval. The transaction is expected to be closed in third quarter of year 2018.
Vemanti Group, Inc. (OTCPK:VMNT) completed the acquisition of 20% stake in Fvndit, Inc. from Trung Viet Vo and Thomas Duc Tran for $0.3 million on November 13, 2018. Vemanti Group paid $150,000 of the purchase price in a cash payment together with 1,252,086 shares of newly issued common stock of Vemanti. On October 29, 2018, Vemanti Group issued 0.63 million shares each to Trung Viet Vo and Thomas Duc Tran. Immediately upon the closing of the transaction, Vemanti was entitled to the following rights in Fvndit (i) at least one seat on each of the board of directors of Fvndit and/or eLoan and eLoan Holdings, (ii) veto rights regarding all matters relating to corporate governance and operations of Fvndit and eLoan, (iii) right of first refusal regarding an investment or acquisition of any kind, (iv) most favored nation protection and treatment above all other shareholders of Fvndit and eLoan, (v) at least a 25% discount preference on each and all future rounds of fundraising, and (vi) should eLoan engage in a down round of financing, Vemanti’s holdings shall be maintained at the rate and value before any such down round financing at no cost to Vemanti.
Vemanti Group, Inc. is a technology holding company. The Company seeks to generate revenue in the emerging markets of Vietnam and Southeast Asia. It intends to focus its future product and business development on digital banking and fintech applications using disruptive technologies aimed at making credit access for small to medium enterprises (SMEs) in its target markets. Its wholly owned subsidiaries include VoiceStep Telecom, LLC (VoiceStep), and VinHMS Pte Ltd (VinHMS). VoiceStep provides a one-stop solution with regard to business-class voice over Internet protocol (VoIP) services to its small to medium-sized business customers in the United States. VinHMS is a technology company specializing in cutting-edge technology products aimed at optimizing business operations for customers in the hospitality industry. VinHMS flagship product is the complete hospitality management platform CiHMS, which handles all operational needs of four-star to five-star hotels and hotel chains.