NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) — Logiq, Inc. (OTCQX: LGIQ), a provider of digital consumer acquisition solutions, today announced that it has signed a non-binding letter of intent with a privately held operating company in which – effectively simultaneous with Logiq’s pending de-SPAC transaction with Abri SPAC I (Nasdaq: ASPA) – Logiq will acquire PrivCo in a share exchange of newly issued Logiq shares for 100% of the shareholder interests of PrivCo. PrivCo will become a wholly-owned subsidiary of the Company and is expected to place executives in senior management positions.
The recent announcement of the Abri SPAC I (special purpose acquisition company) transaction for Logiq opens a possibility for Logiq to acquire PrivCo simultaneous with the DataLogiq business being acquired by Abri. Properly structured, the combined entity post transaction anticipates:
- Closing a significant capital raise in connection with the transaction, as well as
- Meeting listing qualifications to apply for an up-listing from Logiq’s current OTCQX listing to Nasdaq or NYSE after closing.
PrivCo attributes include:
1. A preliminarily agreed upon gross valuation for transaction purposes of between $225 million and $300 million
2. Operates in a popular industry offering above-market secular growth potential
3. Large institutional shareholders including an American fund management company, Swiss bank and Asian conglomerate
Logiq Chief Executive Officer, Brent Suen, commented, “We are excited about the late-stage discussions underway with this privately held operating company to complete a transaction that is win-win for both companies’ shareholders. Our next step is to execute a definitive merger agreement, which we will communicate to our shareholders as soon as we are able to do so, along with further details about the identity and attributes of the target acquisition.”
The closing of the intended transaction with PrivCo is expected to occur not later than March 31, 2023 but may well be considerably sooner depending on the timing of a definitive merger agreement and the timing of Logiq’s de-SPAC transaction with Abri SPAC I.
About Logiq
Logiq Inc. is a U.S.-based provider of e-commerce and digital customer acquisition solutions by simplifying digital advertising. It provides a data-driven, end-to-end marketing through its results solution or providing software to access data by activating campaigns across multiple channels.
