Group of fintech subsidiaries operating primarily in the commercial lending industry, Peak Fintech Group (OTCMKTS:PKKFF), which also manages Cubeler Business Hub, on October 1, 2021, announced the official acquisition of analytics and AI companyCubeler Inc.
Developer and owner of technology powering Peak’s Business Hub, Cubeler will be acquired 100% by Peak from its shareholders in exchange for $1,000,000 in cash as well as 11,133,012 common shares of Peak. Under the terms, the Peak common shares from Cubeler’s shareholders will be restricted to a four-month time frame, after which 50% of shares will be freely traded while the other half would be released.
Peak will be owning commercial rights to the Business Hub concept, which it aims to expand beyond China’s borders. This will commence with a Hub in Canada in the 2021 second half.
Peak CEO Johnson Joseph, said that the company is excited about the closing of the transaction and launching operations in its own backyard.
The CEO expressed gratitude to the Canadian financial institution partners as well as hundreds of SMEs pre-registering on the platform. Joseph is sanguine on helping businesses reach new heights and also suggested on interested candidates with skills in analytics, software development, and marketing to reach out to the firm.
Market Reaction:
On Friday, PKKFF stock fell 28.23% at $7.50 with more than 342k shares, compared to its average volume of 324K shares. The stock has moved within a range of $7.28 – 8.30 after opening the trade at $8.30
