Blackboxstocks Inc, a leading financial technology and social media hybrid platform specializing in real-time proprietary analytics for stock and options traders, has officially revealed its strategic move in acquiring Evtec Aluminium Limited. The definitive agreement, executed on December 12, 2023, is anticipated to be finalized during the first quarter of 2024.
Following this major announcement, the market response was swift and impactful, resulting in a notable decline in the stock value of Blackboxstocks. The opening trading price on the subsequent day plummeted to $2.35, a significant drop from the previous day’s closing at $3.85.
At the time of this publication, Blackboxstocks Inc stock (BLBX) has witnessed a decline.
Blackboxstocks Inc
Current Price: $2.65
Change : -1.20
Change (%): (-31.17%)
Volume: 154.1K
Source: Tomorrow Events Market Data
Post-closure, the ownership structure of the merged entity will see Blackboxstocks and Evtec Aluminium common stockholders holding 26.7% and 73.3%, respectively, of the estimated 12,000,000 common shares outstanding. Blackbox has outlined its intention to further solidify its position by acquiring the remaining 87% of Evtec Automotive in the first quarter of 2024. If successful, Blackbox shareholders would retain a 9.5% stake in the combined companies.
To safeguard the interests of Blackbox common stockholders, a contingent value right (CVR) will be granted to those recorded immediately before the transaction’s closure. This CVR is tied to the net proceeds derived from the sale or spin-off of the current Blackbox fintech operations within 24 months post-merger. Prior to the closure, the current Blackbox operations will be transferred into a new subsidiary.
In the aftermath of the merger, David Roberts is slated to assume the pivotal roles of Chairman and CEO of the parent company. Gust Kepler, the current CEO of Blackbox fintech operations, will continue in his role, while Robert Winspear will persist as a director and CFO of the parent company. Evtec will introduce three new independent directors to the Company’s Board.
The anticipated closure of the transaction in the first quarter of 2024 is contingent upon customary closing conditions, encompassing regulatory, lender, and stockholder approvals. Blackbox and Evtec are poised to navigate these conditions, with plans to file a joint Registration Statement and proxy on Form S-4 at the earliest convenience.
Gust Kepler, Chief Executive Officer of Blackbox, expressed optimism about the transaction, emphasizing its value for Blackbox stockholders. Kepler highlighted the retention of the current value of Blackbox operations through the contingent value right (CVR) and the substantial interest in Evtec’s operations as key benefits. He affirmed that, as a subsidiary, Blackbox’s fintech operations would persist in generating innovative tools and analytics for traders. The completion of the transaction in Q1 2024 is anticipated to maximize shareholder value, concluding this pivotal chapter in Blackbox’s strategic evolution.
