Exodus Submits Acquisition Proposal for Banxa Holdings

Deal News | Feb 04, 2025 | Globenewswire

Exodus Submits Acquisition Proposal for Banxa Holdings

Exodus Movement, Inc., a prominent player in the cryptocurrency space, has initiated a proposal to acquire Banxa Holdings Inc., a globally acknowledged fintech firm specializing in digital asset conversion solutions. The proposal, detailed as the 'Exodus Offer,' seeks to purchase all outstanding Banxa shares with a combined offer of cash and Exodus stock shares. As per the terms, each Banxa share is valued at CAD$1.79, inclusive of CAD$1.10 in cash and 0.0079 of Exodus stock, valued at US$0.47 based on recent market rates. Banxa's board has evaluated this offer as a 'Superior Proposal' compared to an existing arrangement with 1493819 B.C. Ltd., opening a window till February 10, 2025, for 1493819 to amend their agreement. Exodus champions a self-custodial cryptocurrency model, envisioning a user-centric approach. Potential risks remain, including renegotiations or alternative proposals from third parties, while Exodus highlights future readiness in its financial technology trajectory.

Sectors

  • Financial Technology
  • Cryptocurrency
  • Mergers & Acquisitions

Geography

  • United States – Exodus Movement, Inc. is based in Omaha, Nebraska, reflecting its U.S.-centric operations and regulatory aspects.
  • Canada – Banxa Holdings Inc. is listed on the TSX Venture Exchange in Canada, indicating its geographical operation and regulatory environment.

Industry

  • Financial Technology – The article involves Exodus Movement, Inc. and Banxa Holdings Inc., both of which operate within the fintech sphere, focusing on digital asset and cryptocurrency solutions.
  • Cryptocurrency – Exodus Movement Inc. is described as a self-custodial cryptocurrency platform, which is central to the transaction discussed.
  • Mergers & Acquisitions – The main focus of the article is an acquisition proposal by Exodus Movement, Inc. to acquire Banxa Holdings Inc.

Financials

  • CAD$1.79 per Banxa Share – The total consideration offered per Banxa Share by Exodus, consisting of CAD$1.10 in cash and 0.0079 of Exodus stock shares.

Participants

NameRoleTypeDescription
Exodus Movement, Inc.Bidding CompanyCompanyA leading self-custodial cryptocurrency platform looking to acquire Banxa Holdings Inc.
Banxa Holdings Inc.Target CompanyCompanyA globally recognized financial technology company specializing in digital asset on-and-off ramp solutions.
1493819 B.C. Ltd.Current Arrangement PartyCompanyA company currently in an arrangement agreement with Banxa Holdings Inc., with rights to match the Exodus Offer.