Life Clips Inc. (OTCMKTS:LCLP) jumped 117% last week after announcing that it had closed its previously announced Belfrics Group acquisition. Belfrics is a blockchain tech company that operates crypto exchanges on its novel platform.
Life Clips’ acquisition includes all Belfrics’ businesses in Singapore, Malaysia, India, Tanzania, Bahrain, Nigeria, and Kenya. Founder and CEO of Belfrics Praveen Kumar will continue as Belfrics CEO, with Robert Grinberg serving as Life Clips CEO.
Grinberg stated that they are delighted to close the Belfrics Group acquisition and are looking forward to creating a meaningful company in the industry. He explained that he would travel to Dubai to discuss the Life Clips’ strategic plan with Belfrics management and meet investors. Additionally, Grinberg said that the acquisition is a massive opportunity for the company’s shareholders. Notably, Life Clips managed to complete the acquisition ahead of the anticipated timeline because of their working relationship with Belfrics management. Following this acquisition, LCLP is worth watching in the coming weeks.’
Market Reaction:
On Friday, LCLP stock jumped 10.68% at $0.0570 with more than 427.72 million shares, compared to its average volume of 112.17 million shares. The stock has moved within a range of $0.0530 – 0.0738 after opening the trade at $0.0580.
