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Blok is an early-stage, venture backed technology company founded in 2019 by
Pursuant to the Sale Transaction, Sparx’s Canadian operating subsidiary,
In connection with the Sale Transaction, an aggregate of 26,814,154 currently outstanding common shares of Sparx (the “Shares”) have been cancelled pursuant to the terms of a Surplus Escrow Agreement dated
As consideration for the Sale Transaction, Sparx received 721,587 common units of Blok (the “Blok Units”),representingapproximately4.5% of the Blok Units issued and outstanding on a post-transaction basis. In addition, Sparx is entitled to receive approximately 12%of up to an additional 3,200,000 Blok Units which may be issued by Blok,subject to iPowow achieving certain revenue milestones (the “Performance Payment Units”), from defined customers, over a period of 16 months following completion of the Sale Transaction.
Pursuant to the Sale Transaction, Sparx deposited approximately 17% of its Blok Units into escrow for a period of one year, to support indemnity obligations concerningcertainrepresentations, warrants and covenants set out in the SPA.Certain other significant members of Blok have also deposited Blok Units into escrow under the same terms.
The Company will provide further updates regarding certain other reorganization events discussed in its news release dated
Early Warning Disclosure
As a result of the Escrow Share Cancellation, the following persons (collectively, the “Principal Shareholders”) disposed of Shares, requiring disclosure pursuant to the early warning requirements: (a)
Following the Escrow Share Cancellation, the Principal Shareholders have ownership and direction or control over the following: (a)
Neither the Company nor, to the knowledge of the Company after reasonable inquiry, the Principal Shareholders, have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.
The Company has been advised that the securities were disposed of by the Principal Shareholders due to the contractual requirements governing such Shares and the Principal Shareholders have no present intention to dispose of or acquire further securities of the Company, although the Principal Shareholders may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant.
To obtain a copy of the early warning reports filed under applicable Canadian provincial securities legislation, please go to the Company’s profile on SEDAR.
On behalf of the Board
CEO and President
For further information, please contact:
CEO and President
(403) 471-3503
Investor relations
Neither
Forward-Looking Statements
Statements included in this news release, including statements concerning the Company’s plans, intentions, and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, and related matters, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning the Company, or future developments, circumstances or results will materialize. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
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Copyright (c) 2024 TheNewswire - All rights reserved., source