ARC Group Worldwide, Inc. Announces the Closing of the Business Combination With RM2 International S.A.
February 02 2022 - 7:20PM
ARC Group Worldwide, Inc. ("
ARC" and the
"
Company") (OTC Markets:
ARCW), announces the completion of the sale of its legacy
assets and the closing of its business combination with RM2
International S.A. ("
RM2") on Feb. 1, 2022 (the
"
Closing").
RM2 International S.A. ("RM2"), a Luxembourg corporation, is the
owner and operator of the BLOCKPal, a technologically advanced,
hygienic, ESG friendly, composite pallet that is leased to a Tier 1
customer base. RM2 provides its customers with end-to-end logistics
Intelligence Optimization & Tracking (RM2 ELIoT) IoT technology
for pallet traceability, delivering real-time actionable insights
and powerful data to improve the supply chain visibility to the
manufacturing and distribution businesses it serves.
RM2 launched the smart reusable pallet revolution by embedding
autonomous IoT sensor technology in its pallets. The BLOCKPal
pallets are provided to customers across a range of industries,
with a particular focus on those where hygiene and traceability are
of critical importance.
Ian Molson, Chairman of RM2, noted at the Closing, "We are
thrilled to announce the completion of the RM2 business combination
with ARC and advance to the next stage of our production and
deployment. We believe ARC provides RM2 with a significant
platform for expansive growth and market adoption of our
cutting-edge technologies, with the potential to create major
disruptive efficiencies across logistics systems and supply chains
worldwide."
The majority shareholders of RM2 have exchanged their shares in
RM2 for newly issued shares in ARC. Approximately 1.6% of RM2
shares remain issued and outstanding among widely dispersed
shareholders and the Company plans to exchange these shares for
shares in ARC as soon as reasonably feasible. Capital from ARC
and four other institutional investors will enable RM2 to increase
its pallet pool and service the unmet demand of its customers.
The principal shareholders of ARC now include Richard Cashin
(the president of One Equity Partners LLC), QRM2 Holdings Ltd., (an
entity controlled by the Quasha family), Polygon Global Partners,
LLP (a global investment firm), PMB Invest Fund I SCSp and R. Ian
Molson (a private investor).
We have initiated procedures to change the name of the Company
to "RM2 International, Inc." We expect the
name change to become effective on or about Feb. 15, 2022.
More Information
To learn more about RM2, visit the RM2 website
at: https://www.rm2.com/.
Forward-Looking Statements
This release includes certain forward-looking statements and
projections. Such statements are subject to risks and uncertainties
that could cause results to differ materially from the Company's
and RM2's expectations. While the Company and RM2 make these
statements in good faith, neither the Company nor RM2 nor their
respective management can guarantee that anticipated future results
will be achieved. Neither the Company nor RM2 assumes any
obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made
by the Company or RM2, whether as a result of new information,
future events, or otherwise. All forward-looking statements
attributable to the Company or RM2 or persons acting on behalf of
the Company or RM2 are expressly qualified in their entirety by the
foregoing cautionary statements. All such statements speak only as
of the date made, and, except as required by law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:Investor
RelationsEmail: info@rm2.com
Related Images
Image 1: RM2 Logo RM2 Logo
This content was issued through the press release distribution
service at Newswire.com.
Arc Grp. Worldwide, Inc. (NASDAQ:ARCW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arc Grp. Worldwide, Inc. (NASDAQ:ARCW)
Historical Stock Chart
From Apr 2023 to Apr 2024