Abaxx Technologies (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, announced the acquisition of PrivacyCode, Inc. (“PrivacyCode”) by Abaxx Technologies Corp. (Barbados) (“Abaxx Barbados”), an indirect wholly owned subsidiary of Abaxx, pursuant to a definitive agreement and plan of merger dated August 21, 2024 (the “Merger Agreement”).
The business of PrivacyCode is a data governance platform that turns policies into actionable and measurable tasks and requirements. Organizations often face challenges in coordinating compliance and governance across various specialized disciplines. By using PrivacyCode, users achieve consistent and measurable outcomes, ensuring value in the increasingly important Global Data Supply Chain.
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Under the Merger Agreement, Abaxx has today issued an aggregate of 37,146 common shares (the “Acquisition Shares”) authorized for issuance by the board of directors of Abaxx at a deemed issuance price of C$11.07 per Acquisition Share in connection with the cancellation and settlement of simple agreements for future equity (“SAFE Agreements”) previously entered into between PrivacyCode and certain other parties (the “SAFE Holders”). An aggregate total of 8,703 Acquisition Shares have been issued to Abaxx Barbados and a director and certain officers of Abaxx in consideration for the cancellation of their respective SAFE Agreements, on equal terms to other third-party SAFE Holders.
The Acquisition Shares will be subject to a statutory hold period of four months and a day from the date of issuance.
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.
Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
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