Moxian, Inc agrees merger terms with Btab Group, Inc
August 27 2020 - 5:15AM
Moxian, Inc. (“Moxian” or the “Company”) (MOXC), an
offline-to-online (O2O) social media services and Internet media
marketing services provider, is pleased to advise that following
the Letter of Intent as of August 8, it has today signed a material
definitive Share Exchange Agreement (the “Agreement”) with Btab
Group Inc., a Delaware corporation (“Btab”). Pursuant to the
Agreement, the Company will issue approximately 59 million new
shares of common stock and 50 million of Class A preferred stock
with restrictive voting rights, in exchange for the entire equity
of Btab, in a business combination (the “Business Combination”)
that will produce a merged entity with a valuation of over $400
million and not less than $40 million in annual revenue.
The Agreement is subject to various conditions,
including satisfactory due diligence and an independent valuation
of Btab, as well as the approval of shareholders of the Company and
that of the regulatory authorities. Btab is also oblige to secure a
financing commitment of up to $50 million on the closing of the
Business Combination. Following the merger, the current
shareholders of the Company will control approximately 20% of the
enlarged equity. Btab will have the right to nominate three
directors to the Board of the Company.
Btab Group Inc., was founded in 2014 in Sydney
and primarily operates through its subsidiaries in Australia and
the ASEAN region, as well as locations in the US and UK, providing
affordable online technology to small businesses to allow them to
compete in an underserved market segment. Btab has been involved in
many acquisitions for its growth and will continue to aggressively
pursue its global acquisition strategy and expand its fulfilment
centres. Btab currently has multiple arms that not only are in the
e-commerce space alone but also owns property and utilizes multiple
warehouses as fulfilment centres for expedited delivery of goods to
customers. Btab gives small businesses a platform in which to grow
their business and customer base whist maintaining costs to remain
profitable. Btab also acquires struggling businesses so that
customers and new stores wanting to have access to products will
still be able to have access to those products. The Btab Network is
quickly looking to expand further into Europe and the Americas
where it will be able to network tens of thousands of small
businesses to hundreds of millions of dollars’ worth of products in
a time where many products are still “out of reach” for these small
businesses. According to statistica, the German online research
portal, e-commerce sales in Southeast Asia alone is projected to
reach over $54 billion in 2020 and show an CAGR of over 12% over
the next four years. This growth should still be significant well
into the next decade, fueled by increasing numbers of internet
users, greater familiarity with online shopping, and improved
consumer spending power.
Their Motto is “Many Brands But One Heart” which
explains the heart of the company and their desire to assist the
growth of small business. Their website is:
https://btabcorp.com/the-business/
Speaking after the signing of the Agreement, Mr.
William Yap, the Chairman of the Company, said “We are very excited
to partner with the Btab Group in a new era of growth for the
Company, taking our combined experience in China and Australia to
new markets in South-east Asia, with our pooled resources.
South-east Asia, with a market of over 650 million, growing levels
of disposable income and sophistication and a predominantly young
population, holds tremendous promise for the e-commerce industry
and for companies such as ours that have an international reach to
both suppliers and consumers.”
About Moxian, Inc.
Founded in 2013, Moxian is located in Shenzhen,
China, with subsidiaries in Beijing, Malaysia and Hong Kong, it is
an O2O integrated platform operator, and a service provider of
social media and Internet media marketing.
About Btab Group Inc.
Founded in 2014 and established as a holding
company in 2018, the Btab Group of Companies has a central location
in Sydney, Australia with offices in other parts of that country,
China, UK and the USA. It is an e-commerce services provider and a
product supplier to small businesses.
Safe Harbor Statement
This announcement contains forward-looking
statements as defined in Section 21E of the Securities Exchange Act
of 1934 as amended. These forward-looking statements are based on
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995 and may be governed by terms such as “will,”
“expect,” “anticipate,” “future,” “intend,” “plan,” Believe,
“estimate”, “potential”, “continue”, “in progress”, “goal”,
“guidance expectations” and similar statements are identified. The
company may also include in its periodic reports to the US
Securities and Exchange Commission (“SEC”), annual reports to
shareholders, press releases and other written materials, as well
as oral statements from third parties to the company’s management,
directors or employees. Oral forward-looking statements. Any
statements that are not historical facts, including statements
about the company’s philosophy and expectations, are
forward-looking statements that involve factors, risks, and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These factors and
risks include, but are not limited to, the following: company’s
goals and strategies; future business development; financial status
and operating results; expected growth of China’s credit industry,
especially the expected growth of China’s online lending platform;
market-oriented and credit products and The demand and acceptance
of services; and the ability of credit to attract and retain
borrowers and lenders in the market; the relationship between the
company and strategic partners; industry competition; and policies
and regulations related to the company’s structure, business and
industry. More detailed information about these and other risks and
uncertainties is included in the company’s filings with the
Securities and Exchange Commission. All information provided in the
company’s introduction is the latest information as of the date of
publication of the company. Except as provided by applicable law,
the company is not obligated to update such information.
For further information:
Tan Wanhong
Tan.Wanhong@moxiangroup.com
Moxian (NASDAQ:MOXC)
Historical Stock Chart
From Apr 2024 to May 2024
Moxian (NASDAQ:MOXC)
Historical Stock Chart
From May 2023 to May 2024