Onfolio Holdings Inc. Acquires Eastern Standard Business; Onfolio Purchased 70% Of Eastern Standard For A Total Of $1.66M, Through The Issuance Of $410,000 Of Series A Preferred Shares And Two Secured Promissory Notes Totaling $1.25M
Portfolio Pulse from Benzinga Newsdesk
Onfolio Holdings Inc. has acquired a 70% stake in Eastern Standard for $1.66 million, using Series A Preferred Shares and secured promissory notes. Eastern Standard, a digital marketing service provider, generated $4 million in revenue and $630,000 in EBITDA for 2023.
October 22, 2024 | 12:16 pm
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Onfolio Holdings Inc. acquired a 70% stake in Eastern Standard for $1.66 million, enhancing its portfolio with a company that generated $4 million in revenue in 2023. The acquisition was financed through Series A Preferred Shares and secured promissory notes, without issuing common shares.
The acquisition of Eastern Standard is likely to positively impact Onfolio's stock price in the short term due to the addition of a revenue-generating asset. The deal structure, which avoids dilution of common shares, is also favorable for existing shareholders.
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