JanOne Acquires ALT 5 Sigma, Next Generation Blockchain Financial Technology Provider; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
JanOne Inc. has announced the acquisition of blockchain financial technology provider ALT 5 Sigma Inc., with the transaction expected to close the week of May 13th, 2024. ALT 5 Sigma's transactional processing volume exceeded $1.1 billion in 2023 and over $450 million in Q1 2024. As part of the agreement, JanOne will issue shares to ALT 5's former stockholders, making ALT 5 and its subsidiaries wholly owned subsidiaries of JanOne.
May 10, 2024 | 8:15 pm
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POSITIVE IMPACT
JanOne's acquisition of ALT 5 Sigma, a blockchain financial technology provider with significant transactional volumes, could potentially enhance JanOne's offerings and financial performance. The issuance of shares as part of the acquisition agreement may dilute current shareholders but also indicates expansion and growth.
The acquisition of ALT 5 Sigma by JanOne is significant due to ALT 5's substantial transactional processing volume, indicating a strong performance and potential for growth in the blockchain financial technology sector. The issuance of shares to ALT 5's former stockholders as part of the acquisition could dilute existing shares but also reflects JanOne's strategic move to expand its technology and market presence. This could be viewed positively by investors looking for growth in the blockchain sector, potentially leading to a short-term positive impact on JanOne's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100