JanOne Inc. announced it has closed its previously announced acquisition of blockchain financial technology provider, ALT 5 Sigma Inc., and each of its wholly-owned subsidiaries.
Launched in 2018, ALT 5 is a fintech that provides next generation blockchain-powered technologies to enable a migration to a new global financial paradigm. ALT 5, through its subsidiaries, offers two main platforms to its customers: “ALT 5 Pay” and “ALT 5 Prime.” ALT 5 Pay is a crypto-currency payment gateway and ALT 5 Prime is an electronic over-the-counter trading platform. For more details concerning ALT 5 and its platforms and business,
“We are delighted to have closed this acquisition and to be able to welcome ALT 5 officially into the JanOne family,” said Tony Isaac, President and CEO of JanOne Inc. “This opens an exciting chapter of diversification and growth of JanOne. We will now work closely together with the team at Alt 5 to identify opportunities for growth of the overall company.”
Mr. Andre Beauchesne, President of ALT 5 Sigma Inc., stated, “We are excited to become part of the JanOne public company family. With the completion of this transaction, we will continue to work diligently on expanding our business and leveraging the many benefits of being part of a NASDAQ publicly listed company.” Andre further noted that, “ALT 5’s transactional processing volume exceeded $1.1 billion last year and was greater than $450 million just in the first quarter of this year. Having built that base of business provides us with a strong starting point for future growth.”
Overview of the transaction
At closing, JanOne issued to the former stockholders of ALT 5 an aggregate of (i) 1,799,100 shares of its common stock, which represents approximately 19.9% of JanOne’s issued and outstanding common stock as of May 10, the date on which the definitive agreements were executed and delivered and the parties were bound, and (ii) 34,207 shares of its Series B non-convertible, non-redeemable preferred stock. ALT 5 Sigma Inc. and its subsidiaries are now wholly-owned subsidiaries of JanOne.
