SMC Entertainment Signs LOI to Acquire Flax Tech Ltd
Deal News | Jan 21, 2025 | Globenewswire
SMC Entertainment, Inc., a fintech-focused holding company, has signed a Letter of Intent to acquire Flax Tech Ltd., a crypto disruptor based in the United Kingdom. This strategic acquisition is expected to complement SMC's growth strategy by integrating Flax's cutting-edge technology and platform into SMC's existing operations. As the deal progresses towards finalization, Flax will become a wholly owned subsidiary of SMC, with its founder Surya Chowdhury continuing to lead operations. Additionally, SMC announces the appointment of Eric Sherb as the new Chief Financial Officer, replacing Adam Yang. This acquisition marks a significant move in SMC's strategy to enhance revenue and shareholder equity through disciplined acquisitions in the fintech sector.
Sectors
- Fintech
- Cryptocurrency
- Mergers and Acquisitions
Geography
- United Kingdom – Flax Tech Ltd, the target company, is based in the United Kingdom.
- United States – SMC Entertainment Inc., the acquiring company, is based in Boca Raton, Florida, USA.
Industry
- Fintech – The article discusses SMC Entertainment, a company focused on financial technology acquisitions.
- Cryptocurrency – Flax Tech Ltd is described as a crypto disruptor, indicating the article's relevance to the cryptocurrency industry.
- Mergers and Acquisitions – The acquisition of Flax Tech by SMC Entertainment involves corporate mergers and acquisitions activity.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SMC Entertainment Inc. | Acquirer | Company | A fintech incubator and holding company focused on acquiring and supporting financial services and technology companies. |
| Flax Tech Ltd. | Target | Company | A UK-based cryptocurrency disruptor focused on developing a disruption platform for AI interaction and trading. |
| Surya Chowdhury | Founder and President of Flax Tech | Person | Leader of Flax Tech, will continue as President post-acquisition. |
| Eric Sherb | Chief Financial Officer | Person | Newly appointed CFO of SMC Entertainment, replacing Adam Yang. |
| Erik Blum | Chief Executive Officer | Person | CEO of SMC Entertainment Inc. |