8i Enterprises Acquisition Corp. Announces Execution of Share Exchange Agreement with Diginex Limited

  • Diginex is a blockchain financial services and technology company. The proposed transaction with 8i described below will result in Diginex being listed on Nasdaq
  • Diginex is well positioned to be a leading player in the future of digital securities, an opportunity that was recently assessed by the World Economic Forum to be as large as 10% of world GDP by 2027, equivalent to a $13 trillion market opportunity
  • Diginex was founded to bring full suite institutional grade process to the blockchain industry in order to service the exponential growth in adoption by corporate and financial service industry participants
  • Diginex’s solutions business utilizes the strengths of blockchain to build SaaS applications, which not only facilitate blockchain adoption by corporates and governments, but also help combat some of the world’s most pressing humanitarian issues

NEW YORK, July 10, 2019 /PRNewswire/ — 8i Enterprises Acquisition Corp. (NASDAQ: JFK) (“JFK” or “8i”), a special purpose acquisition company, today announced that it has entered into a definitive share exchange agreement with Diginex Limited (“Diginex” or the “Company”), a global blockchain financial services and technology company headquartered in Hong Kong. Upon completion of the transaction, Diginex is anticipated to have an initial enterprise value of approximately $276 million[1].

Headquartered in Hong Kong with a presence in Tokyo, London, Boston, Dubai, Lausanne and Berlin, Diginex provides an ecosystem to enable the broader adoption of digital assets across financial markets through three interlocking pillars: (i) Advisory – capital markets origination and distribution of securities via digital assets; and broader blockchain solutions for corporate and financial industry institutions, as well as governments (ii) Markets – a full infrastructure for digital assets exchange trading and custody, and (iii) Asset Management – providing an accessible and credible on-ramp into digital assets for institutional allocators of capital. In furtherance of its focus on global collaboration, Diginex is developing partnerships with institutional investors, corporations, and governments to improve the efficiency and security of business processes while driving institutional adoption of blockchain technologies and the regulated use of digital assets.

James Tan, Chairman and Chief Executive Officer of JFK, commented, “The execution of the share exchange with Diginex comes as the need for increased regulation, transparency, and traceability around the growing use of digital assets has never been greater. After a thorough review of multiple opportunities in this industry, we have determined Diginex is the trusted operator of choice with the advanced technology infrastructure necessary to meet the standards of institutional investors and partners. With their thoughtful ecosystem approach, we believe Diginex is well-positioned to continue unlocking opportunities and driving institutional adoption of blockchain technologies.”

Richard Byworth, Chief Executive Officer at Diginex, said, “Diginex has been built to provide the financial services infrastructure required to take digital assets and blockchain technology to the next level of adoption by institutional investors and corporations globally. We believe that this exciting transaction will enhance our broader market visibility as we further roll out our global platform including our exchange infrastructure, product offering, licenses and market expansion into key geographies around the world.”

Miles Pelham, Chairman of Diginex, added, “Upon the completion of this transaction, as a publicly-listed Nasdaq company, Diginex will continue to pursue its vision of leveraging blockchain technology for both social good and the disruption of financial intermediaries. Our seasoned and diverse team of financial service professionals, compliance experts, and technologists, are dedicated to regulatory compliance and transparency, standards which are essential to furthering our goal of growing the global propagation of digital assets.”

[1] Assuming no redemption from the trust, excluding earn out shares.

Transaction Details

Under the terms of the agreement, JFK will acquire Diginex, with JFK continuing as the listed company on the Nasdaq Capital Market. Upon closing, JFK will change its name to “Diginex Limited”. At the effective time of the share exchange, Diginex’s shareholders will receive 20 million ordinary shares of JFK, valued at $10.00 per share, of which two million ordinary shares will be held in escrow for 12 months after closing of the transaction to satisfy potential indemnification claims under the terms of the agreement. In addition, Diginex shareholders will be entitled to receive earn-out consideration of an additional five million JFK ordinary shares, subject to Diginex achieving share price thresholds of $15, $20, and $30 over the next three years as set forth in the agreement. All options held by Diginex option holders under its current employee share option plan, whether vested or unvested, will automatically be cancelled as of the closing of the transaction and in exchange for the cancelled options and upon payment of the exercise price of the options, the option holders will receive 4.2 million ordinary shares of JFK, in the aggregate, which will be subject to lock-up agreements for a period of fifteen (15) months following closing of the transaction, and shall be released in three (3) equal installments over a period of six (6) months following the expiration of such lock-up period.

The Board of directors of JFK at closing will consist of seven directors, to be designated by the Diginex shareholders.

The closing conditions include, among others, the approval of the transaction as a whole by JFK’s existing shareholders and the aggregate dollar amount of the redemptions does not cause the balance of JFK’s trust account (less any fees and costs relating the transaction) to be an amount less than $5,000,001.

Chardan is acting as a financial advisor to JFK, and Loeb and Loeb LLP is acting as legal counsel to JFK. Winston & Strawn LLP is acting as legal counsel to Diginex.

The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive agreement relating to the transaction, a copy of which will be filed by JFK with the SEC as an exhibit to a Current Report on Form 8-K.

To learn more about the transaction, read the presentation here.

 

About Diginex Limited

Diginex is a blockchain financial services and technology company. Diginex partners with institutional investors, corporations and governments to make digital assets more accessible, business processes more efficient and secure. Diginex believes its collaborative approach and pursuit of global cooperation is optimal to drive institutional adoption of blockchain technologies and the regulated use of digital assets. More information can be found at: 

https://www.diginex.com/

About 8i Enterprises Acquisition Corp.

8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia.

Additional Information about the Transaction and Where to Find It

The proposed transaction has been approved by the board of directors of both companies and the shareholders of Diginex and will be submitted to shareholders of JFK for their approval. In connection with that approval, JFK intends to file with the SEC a proxy statement containing information about the proposed transaction and the respective businesses of Diginex and JFK. JFK will mail a definitive proxy statement and other relevant documents to its shareholders. JFK shareholders are urged to read the preliminary proxy statement and any amendments thereto and the definitive proxy statement in connection with JFK’s solicitation of proxies for the special meeting to be held to approve the proposed transaction. The definitive proxy statement will be mailed to shareholders of JFK as of a record date to be established for voting on the proposed transaction. Shareholders will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about JFK, without charge, at the SEC’s website (www.sec.gov) or by calling 1-800-SEC-0330.

Participants in the Solicitation

JFK and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from JFK’s shareholders with respect to the proposed transaction. Information regarding JFK’s directors and executive officers is available in its prospectus filed in connection with its initial public offering on March 27, 2019. Additional information regarding the participants in the proxy solicitation relating to the proposed transaction and a description of their direct and indirect interests will be contained in the proxy statement when it becomes available.

Diginex and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of JFK in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction will be included in the proxy statement for the proposed transaction when available.

NEW YORK, May 15, 2019 /PRNewswire/ — 8i Enterprises Acquisition Corp. (“the Company” or”8i”) (NASDAQ: JFKKU), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced that holders of the Company’s units may elect to separately trade the ordinary shares, warrants and rights included in its units commencing on or about May 16, 2019. The ordinary shares, warrants and rights will trade on the NASDAQ Capital Market (“NASDAQ”) under the symbols JFK, JFKKW and JFKKR, respectively. Units not separated will continue to trade on NASDAQ under the symbol JFKKU. After separation, the ordinary shares, warrants and rights may be recombined to create units.

About 8i Enterprises Acquisition Corp.

8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia. Forward Looking Statements This press release includes forward looking statements that involve risks and uncertainties. 

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the exercise of the underwriter’s over-allotment option, identication of a target business and potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For more information, please contact:

At the Company:
William Yap, CFA
Chief Financial Officer
Email: ir@8icorp.com
Phone: +65 6788-0388

Investor Relations:
Tony Tian, CFA        
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1 732-910-9692

SOURCE 8i Enterprises Acquisition Corp.

NEW YORK, April 8, 2019 /PRNewswire/ — 8i Enterprises Acquisition Corp. (NASDAQ: JFKKU, the “Company”), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, announced today the completion of sales of an additional 750,000 units pursuant to the 45-day over-allotment option granted to the underwriters in its initial public offering at an offering price of $10.00 per unit, generating additional gross proceeds of $7,500,000.

The total aggregate issuance by the Company of 5,750,000 units at a price of $10.00 per unit resulted in total gross proceeds of $57,500,000.

The units began trading on the NASDAQ Capital Market (“NASDAQ”) on March 28, 2019 and trade under the ticker symbol “JFKKU”. Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on NASDAQ under the symbols “JFK,” “JFKKW,” and “JFKKR,” respectively.

Chardan acted as sole book running manager in the offering and Brookline Capital Markets, a Division of CIM Securities, LLC, acted as co-manager.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on March 27, 2019. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 8i Enterprises Acquisition Corp.

8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia. Forward Looking Statements This press release includes forward looking statements that involve risks and uncertainties. 

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the exercise of the underwriter’s over-allotment option, identication of a target business and potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For more information, please contact:

At the Company:
William Yap, CFA
Chief Financial Officer
Email: ir@8icorp.com
Phone: +65 6788-0388

Investor Relations:
Tony Tian, CFA        
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1 732-910-9692

SOURCE 8i Enterprises Acquisition Corp.

NEW YORK, April 1, 2019 /PRNewswire/ — 8i Enterprises Acquisition Corp. (NASDAQ: JFKKU) (the “Company”) announced today that it closed its initial public offering of 5,000,000 units at $10.00 per unit. The underwriter has been granted a 45-day option to purchase up to an additional 750,000 units offered by the Company to cover over-allotments, if any.

The units began trading on the NASDAQ Capital Market (“NASDAQ”) on March 28, 2019 and trade under the ticker symbol “JFKKU”. Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on NASDAQ under the symbols “JFK,” “JFKKW,” and “JFKKR,” respectively.

Chardan acted as sole book running manager in the offering and Brookline Capital Markets, a Division of CIM Securities, LLC, acted as co-manager.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on March 27, 2019. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 8i Enterprises Acquisition Corp.

8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia.

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the exercise of the underwriter’s over-allotment option, identication of a target business and potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For more information, please contact:

At the Company:
William Yap, CFA
Chief Financial Officer
Email: ir@8icorp.com
Phone: +65 6788-0388

Investor Relations:
Tony Tian, CFA        
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1 732-910-9692

SOURCE 8i Enterprises Acquisition Corp.

NEW YORK, March 27, 2019 /PRNewswire/ — 8i Enterprises Acquisition Corp. (NASDAQ: JFKKU)(the “Company”) announced today that it priced its initial public offering of 5,000,000 units at$10.00 per unit. The units are expected to be listed on The NASDAQ Capital Market (“NASDAQ”) and trade under the ticker symbol “JFKKU” beginning tomorrow, March 28, 2019. Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on NASDAQ under the symbols “JFK,” “JFKKW,” and “JFKKR,” respectively.

The underwriter has been granted a 45-day option to purchase up to an additional 750,000 units offered by the Company to cover over-allotments, if any.

The offering is expected to close on April 1, 2019, subject to customary closing conditions.

Chardan is acting as sole book running manager in the offering and Brookline Capital Markets, a Division of CIM Securities, LLC, is acting as co-manager.

A registration statement relating to these securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on March 27, 2019. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 8i Enterprises Acquisition Corp.

8i Enterprises Acquisition Corp. is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on targets located in Asia. Forward Looking Statements This press release includes forward looking statements that involve risks and uncertainties.

Forward looking statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering or exercise of the underwriter’s over-allotment option, are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For more information, please contact:

At the Company:
William Yap, CFA
Chief Financial Officer 
Email: ir@8icorp.com 
Phone: +65 6788-0388

Investor Relations:
Tony Tian, CFA    
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1 732-910-9692

SOURCE 8i Enterprises Acquisition Corp.

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