As collaboration expands, the companies announce upcoming
milestones of integrating Republic Wallet and listing Republic Note
on INX's Secondary Market platform
TORONTO, Nov. 8, 2023
/PRNewswire/ -- The INX Digital Company, Inc. (NEO: INXD,
INXATS: INX, OTCQB: INXDF) ("INX"), a US-regulated broker-dealer,
ATS, and transfer agent, and Republic ("Republic"), a global
financial firm operating a digital merchant bank and a network of
investment platforms have announced the strengthening of their
business collaboration and an extension of the deadline for
finalizing the potential acquisition agreement of INX by Republic,
to February 15, 2024.
INX and Republic have reiterated their commitment to
the proposed transaction, in which Republic would acquire 100% of
INX's common equity.
The companies diligently explore the multiple details involved
and have agreed to extend the due date for finalizing the
agreement. This extension gives both parties ample time to exert
their best efforts.
The parties have expanded their collaborations across various
domains over the past few months and remain engaged in multiple
ongoing projects and endeavors. Simultaneously, INX and Republic
are in the final stages of significant milestones, including
integrating the Republic wallet into the INX platform and listing
of the Republic Note on INX's Secondary Market.
Both are set to launch by December
31, 2023. This combined effort underscores the
continuous progress and commitment to the partnerships'
success.
Additionally, ongoing discussions are on strengthening the
collaboration through the integration of Republic's substantial
user base into the INX platform.
The collaboration agreement as a whole will be extended as well
until Feb 2024.
Shy Datika, CEO of INX, said, "In recent months, our
collaboration has grown more fruitful, bringing our teams closer
together. This progress reflects our continuous dedication to the
success of our partnership. Our aim remains to create a thriving
environment for both traditional and digital assets. We are
dedicated to nurturing the global token economy by building
essential infrastructures and offering an exciting investment
experience for investors worldwide."
Kendrick Nguyen, CEO of
Republic, said, "This development is a testament to our
strengthening partnership and deepening understanding of the
invaluable benefits we can jointly offer to our clients. This
signifies a new era in finance, as we integrate INX's digital
trading infrastructure with Republic's primary distribution
expertise, reshaping the landscape of capital raising and
empowering institutional and retail investors globally."
About INX:
INX provides regulated trading platforms
for digital securities and cryptocurrencies. With the
combination of traditional market expertise and a disruptive
fintech approach, INX provides state-of-the-art solutions to modern
financial problems. INX is led by an experienced and dedicated team
of business, finance, and technology veterans with the shared
vision of redefining the world of capital markets via blockchain
technology and a disciplined regulatory approach.
About The INX Digital Company, Inc.: INX is the
holding company for the INX Group, which includes regulated trading
platforms for digital securities and cryptocurrencies. The INX
Group's vision is to be the preferred global regulated hub for
digital assets on the blockchain. The INX Group's overall mission
is to bring communities together and empower them with financial
innovation. Our journey started with our initial public token
offering of the INX Token, in which we raised US$84 million. The INX Group is shaping the
blockchain asset industry through its willingness to work in a
regulated environment with oversight from regulators like the SEC
and FINRA.
In addition to operating two regulated trading platforms for
blockchain assets, INX's interdealer broker, I.L.S. Brokers, plans
to offer non-deliverable cryptocurrency forwards to
Tier-1 banks in the future. For more information, please visit the
INX Group website here.
About Republic:
Headquartered in New York
City, Republic is a global financial firm operating an
enterprise-focused digital merchant bank and a multi-jurisdictional
retail-focused investment platforms network. Backed by Valor Equity
Partners, Galaxy Interactive, Morgan Stanley, Hashed, AngelList,
and other leading institutions, Republic boasts a portfolio of over
1500 companies and a community of nearly 3M members from over 100 countries. More than
$2 billion has been deployed through
investment platforms, funds, and firms within the Republic family
of companies. Republic has established operations in the US, the
UK, the UAE, South Korea, and
Singapore.
Cautionary Note Regarding Forward-Looking Information and
Other Disclosures
This press release contains statements
that constitute "forward-looking information" ("forward-looking
information") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. In disclosing the forward-looking
information contained in this press release, INX has made certain
assumptions, including with respect to, the continuous development
of the INX trading platform, the completion of the transactions
described herein, the offering of
non-deliverable cryptocurrency forwards, and the
development of the digital asset industry. Although INX believes
that the expectations reflected in such forward-looking information
are reasonable, it can give no assurance that the expectations of
any forward-looking information will prove to be correct. Known and
unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those
expressed or implied by such forward-looking information. Such
factors include but are not limited to regulatory developments, the
state of the digital securities
and cryptocurrencies markets, and general economic
conditions. Accordingly, readers should not place undue reliance on
the forward-looking information contained in this press release.
Except as required by law, INX disclaims any intention and assumes
no obligation to update or revise any forward-looking information
to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting
such forward-looking information or otherwise.
Neo Exchange is not responsible for the adequacy or accuracy
of this press release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the U.S. Securities
Act or any state securities laws and may not be offered or sold
within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For further information, contact:
The INX Digital Company, Inc.
Investor Relations
+1 855 657 2314
Contact: Alan Silbert
Email: investorrelations@inx.co
For more information, contact:
Liz Whelan
liz@lwprconsulting.com
(312) 315-0160
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