FDCTech Completes Acquisition of Genesis Financial

FDCTech, providing financial technology and business solutions to OTC online brokerages and cryptocurrency businesses in the US, recently announced that it has closed on its acquisition of financial services company Genesis Financial.

The two companies officially agreed on the deal with the submission of an 8-K form with the US Securities and Exchange Commission (SEC) last Wednesday. The confirmation came after FDCTech signed a non-binding agreement for the acquisition earlier this year.

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FDTech, which has an extensive presence in the Americas, is expecting to expand its reach to new markets with the closure of this deal as Genesis’ business is concentrated in the Asia-Pacific region.

The deal received agreement of the board of both the companies. In addition, Genesis shareholders also voted to favor the acquisition deal.

According to the official announcement, FDCTech will acquire 100 percent equity interest in Genesis Financial in the agreed stock-for-stock deal. Per the agreed terms, Genesis’ existing shareholders will receive 70,000,000 shares of FDCTech, which at $0.50 per share price are valued at $35 million.

Commenting on the acquisition, FDCTech Co-Founder and CEO, Mitchell Eaglstein, said: “We are pleased to achieve this transformative milestone for the Company (FDTech), its employees, shareholders, and the clients we serve.”