I-ON Digital to acquire controlling stake in Orebits Corp. for $18M in Series C Preferred Stock

I-ON Digital Corp.

Acquires 910,000 shares (controlling interest) of Orebits Corp. in exchange for 910,000 Series C Preferred shares.
Also gains approx. 9,700 Orebits.AU gold-backed digital assets to be converted into ION.au digital assets.
Transaction valued at ~$18M; expected to close effective end of Q4 2023, subject to conditions.
I-ON gains Orebits' patented gold-digitization technology and hybrid blockchain platform.
Acquisition aimed at expanding asset-digitization and securitization business for precious metals.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

I-ON Digital Corp. entered into Contribution and Exchange Agreement with Orebitts Acquisition Group valued at Company acquires 910,000 shares of Orebits Corp. common stock and approximately 9,700 gold-backed di (effective 2023-10-30).

Action: entry
Agreement: asset purchase
Counterparty: Orebitts Acquisition Group
Value: Company acquires 910,000 shares of Orebits Corp. common stock and approximately 9,700 gold-backed di
Effective: 2023-10-30

Exact text from the filing

On October 30, 2023, I-ON Digital Corp. (the “Company”) entered into a Contribution and Exchange Agreement (the “Contribution and Exchange Agreement”) with Orebits Acquisition Group, a Wyoming limited liability company (“OAG”), pursuant to which the Company will acquire 910,000 shares of currently outstanding common stock of Orebits Corp. (“Orebits”), representing a controlling interest in Orebits, in exchange for 910,000 shares of Series C Preferred Stock of the Company (“Series C Stock” and such transaction, the “Transaction”).

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I-ON Digital Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-038609

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