Innovative Payment Solutions forms JV for payment processing, to contribute up to $1.5M

Innovative Payment Solutions, Inc.

Entered LLC Operating Agreement for IPSIPay Express, LLC, with Open Path, Inc. and EfinityPay, LLC.
IPSI to contribute cash up to $1.5M in three $500K tranches by Oct 31, 2023; initial $200K funded.
IPSI will issue warrants to OP and EP to purchase up to 40M common shares at average closing price.
Open Path and EfinityPay contribute technology and services; board has one manager from each member.
Joint venture focuses on real-time bank-to-bank payments and credit card processing for gaming/entertainment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Innovative Payment Solutions, Inc. entered into Limited Liability Company Operating Agreement with Open Path, Inc. and EfinityPay, LLC valued at up to $1,500,000 (effective 2023-04-28).

Action: entry
Counterparty: Open Path, Inc. and EfinityPay, LLC
Value: up to $1,500,000
Effective: 2023-04-28

Exact text from the filing

On June 19, 2023, Innovative Payment Solutions, Inc. (the “ Company ”) entered into a Limited Liability Company Operating Agreement (the “ Agreement ”) with Open Path, Inc. (“ Open Path ”) and EfinityPay, LLC (“ EfinityPay ”, and the Company, collectively with Open Path and EfinityPay, the “ Members ”), to jointly provide for the governance of and rights of the Members with respect to IPSIPay Express, LLC, a Delaware liability company formed by the Members on April 28, 2023 (“ IPSIPay Express ”).

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Innovative Payment Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-051126

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