Logiq Inc. Enters Stock Purchase Agreement With EviMate LLC

Logiq Inc. (OTCMKTS:LGIQ) made a significant move on November 6, 2024, by entering into a Stock Purchase Agreement with EviMate LLC. The terms of the Agreement involve the acquisition of EviMate’s outstanding units by Logiq for the exchange of Five Million USD ($5,000,000) worth of newly issued common stock of Logiq (or a Preferred Stock equivalent), termed as the “Closing Shares.” The value of these shares will be determined based on the thirty trading day volume-weighted average price (VWAP) before the closing date.

According to the agreement, units previously optioned will retain their original terms granted by EviMate. The closing of this agreement is expected to take place on or before December 31, 2024, with the possibility of extension by mutual agreement of both parties.

The issued shares of Logiq’s Common Stock to EviMate’s equity interest holders, as per the Acquisition Agreement, will be exempt from registration requirements under the Securities Act of 1933. This exemption will be under section 4(a)(2) of the Act, regulations D and S, and will be subject to specific contractual transfer restrictions outlined in the Agreement.

Both companies’ boards of directors have approved the Acquisition Agreement, which entails customary representations, warranties, and pre- and post-closing covenants. However, it’s essential to note that details in the Agreement do not serve as official disclosures regarding the companies involved. The terms are specifically tailored for governing the legal aspects of the transaction.

This news was detailed in Logiq Inc.’s recent Form 8-K filed with the Securities and Exchange Commission. The automated filing serves disclosure purposes and is structured in line with Rule 135c under the Securities Act, offering information to investors. The agreement is a significant step for Logiq Inc., marking a strategic acquisition that’s expected to shape the company’s trajectory in the near future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Logiq’s 8K filing here.

Logiq Company Profile

Logiq, Inc provides e-commerce solutions and services in the European Union, Southeast Asia, Africa, South Korea, and North America. The company operates its DATALogiq-branded consumer data management platform by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands.