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Attention Riot Blockchain Investors: Here's What You Need To Know About The TessPay Deal

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Attention Riot Blockchain Investors: Here's What You Need To Know About The TessPay Deal
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Riot Blockchain Inc (NASDAQ: RIOT) traded up 24 percent Monday after announcing that its majority-owned Tess Inc. entered a non-binding letter of intent to merge with Cresval Capital Corp.

Upon the merger’s close, Tess, a blockchain company developing a business-oriented supply chain payment platform, will change its name to TessPay Inc. and begin trading on Canada’s TSX Venture Exchange.

"The decision to take the company public provides us access to traditional capital markets as we continue developing our blockchain technology solution,” TessPay CEO Jeff Mason said in a press release. “This environment will also foster transparency and accountability moving forward, providing confidence to investors and prospective customers alike."

TessPay will receive 80 million shares of Cresval, and Riot Blockchain — which will retain 52 percent ownership of the entity — will secure 41.6 million shares. The firm’s expansion will better expose Riot, a cryptocurrency-focused company, to other blockchain applications.

The deal is expected to be completed by the second quarter of 2018 provided that a definitive agreement is reached. 

At the time of publication, Riot Blockchain was trading up 17.94 percent at $18.70. 

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Posted-In: Blockchain Cresval Capital Corp. Jeff Mason Tess Inc TessPayCryptocurrency News M&A Best of Benzinga

 

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