Pioneer Media completes acquisition of on-ramp NGMI Labs

(Alliance News) - Pioneer Media Holdings Inc on Wednesday said it has completed the acquisition ...

Alliance News 5 January, 2022 | 2:30PM
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(Alliance News) - Pioneer Media Holdings Inc on Wednesday said it has completed the acquisition of NGMI Labs Inc.

The Vancouver-based investment company explained that NGMI is an on-ramp into decentralized autonomous organizations and tokenized communities.

Under the terms of the acquisition, Pioneer acquired 100% of the outstanding shares of NGMI through the issue of 4 million common shares in Pioneer at a deemed price of USD1.75 per share.

These will be distributed on a pro-rata basis to holders of NGMI shares and are subject to a four-month hold period, ending April 30, the investor stated.

In addition, the Pioneer shares issued will be subject to "lock-up" restrictions, with 25% of such shares being freed from such "lock-up" restrictions every six months starting June 29.

Pioneer's share capital is comprised of 74.0 million shares following the acquisition's completion.

"The completion of this acquisition is another important step in our strategy of building a complete Web3 ecosystem," Chief Executive Mike Edwards commented.

Shares in Pioneer were up 1.9% at 107.00 pence each on Wednesday.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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