Logiq Signs LOI to Acquire Privately Held Operating Company
NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ) (“the Company”), a provider of digital consumer acquisition solutions, today announced that it has signed a non-binding letter of intent (“LOI”) with a privately held operating company (“PrivCo”) 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:
PrivCo attributes include:
1. A preliminarily agreed upon gross valuation for transaction purposes of between $225 million and $300 million
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.
The Company’s Digital Marketing business includes a holistic, self-serve ad tech platform. Its proprietary data-driven, AI-powered solutions allows brands and agencies to advertise across thousands of the world’s leading digital and connected TV publishers.
Important Cautions Regarding Forward Looking Statements
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our ability to consummate the SPAC transaction with Abri, our ability to consummate a transaction with PrivCo and subsequent ability to meet the listing requirements on either Nasdaq or NYSE, our ability to raise sufficient operating capital to adequately operate, our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, and the valuation and success of the businesses after completion of the transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings.
Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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