Moxian, Inc. (MOXC) this week announced that Btab Group Inc. has carried detailed negotiated with an Indian firm (the “Target”) to take it over. Btab discussed acquisition offer with the India-based company involved in the business of food processing. The negotiations materialized at finalization of documentation likely to be signed next week.
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Moxian is media marketing firm which provide internet-based marketing and offline-to-online social media services. In late last week, it inked a definitive Share Exchange Agreement with Btab to acquire it.
The Target has been generating nearly $15 million in revenues. It holds a clientage not only all over India but also in other Asian countries which is growing rapidly. Btab is acquisitions with several companies, but if concluded successfully, the transaction would be its first. The current as well as future takeover deals will be helping Btab to make its supply chain stronger globally. It will be a value addition not only for Btab but also for Moxian, because of the proposed merger.
Btab’s value addition efforts and strategy to grow faster is beneficial for all of us, said William Yap, Director at Moxian’s board. He was commenting on Btab’s current and future acquisition plans.
Moxian’s efforts to acquire Delaware-based Btab succeeded when last month both came to an agreement. To get a complete hold over Btab, Moxian will issue 59 million new shares of its common stock. Moxian will also issue 50 million of Class A preferred stock with restrictive voting rights in exchange for new merged entity. The new entity so formed will have a market capitalization of more than $400 million. It will also have annual revenue of not less than $40 million.
As part of agreement, holders of Btab shares will have control over 20% stakes in the merged entity. Btab will also be allowed to nominate three board members of that entity.