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Vancouver-based MediaValet Announces Completion of its Acquisition by Affiliate of STG, Shares to be Delisted from TSX
Wednesday, April 3, 2024Company Profile | Follow Company
Vancouver, BC, April 2, 2024--(T-Net)--MediaValet Inc. (TSX: MVP), a leading provider of enterprise digital asset management (DAM), video content management and creative operations software, has announced the completion of its plan of arrangement under the Business Corporations Act (Alberta).
Under the terms of the Arrangement:
(i) River Acquisition Corp., an affiliate of STG, acquired all of the issued and outstanding common shares of the Company in exchange for CAD$1.71 in cash per Share
(ii) each outstanding Share purchase warrant of the Company was acquired by the Company for cancellation in exchange for the amount by which the Consideration exceeded the exercise price of such Warrant, and
(iii) each outstanding Share option was acquired by the Company for cancellation in exchange for the amount by which the Consideration exceeded the exercise of such Option, if applicable.
Rob Chase, CEO (formerly Executive Chairman and CFO), MediaValet
Rob Chase, Chief Executive Officer of the Company, stated that "The successful completion of this transaction marks an important moment in the evolution of MediaValet. As we embark on this new chapter with STG, we are united by our shared mission to provide best-in-class enterprise digital asset management solutions to our valued customers."
Andrew Shen, Chairman of the Company's Board of Directors, added "We extend our deepest gratitude to our shareholders for their unwavering support and confidence in our journey. We wish the very best of luck and success to Rob, Dave, and the STG team as they lead the Company into its next phase of growth and innovation."
Umang Kajaria, Managing Director, Co-Lead of STG Allegro Fund, added "We look forward to partnering with the MediaValet team on the next stage of the company's growth and to continue innovating and delivering a leading digital asset management solution to customers."
With the Arrangement now complete, MV's Shares are expected to be delisted from the Toronto Stock Exchange (the "TSX") shortly after the date hereof. The Company also will apply to cease to be a reporting issuer under applicable Canadian securities laws.
About MediaValet, Inc.
MediaValet stands at the forefront of the enterprise, cloud-native, software-as-a-service digital asset management video content management, and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data center regions in 140 countries around the world, MV delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability while offering the largest global footprint of any DAM solution.
In addition to providing enterprise, cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP, and final assets, MV offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Wrike, Drupal, WordPress and many other best-in-class 3rd party applications.
About STG
STG is a private equity partner to market-leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market-winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders.
The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG's expansive portfolio has consisted of more than 50 global companies.
Additional Details on Merger or Acquisition Disclosure under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Upon completion of the Arrangement, the Purchaser holds 43,854,216 Shares, representing 100% of the issued and outstanding Shares. Prior to the completion of the Arrangement, the Purchaser did not hold any issued and outstanding Shares, representing a 0% securityholding in such class of securities. The head office of MV is located at 505 - 990 Homer Street, Vancouver, British Columbia V6B 2X7. The registered office of the Purchaser is 4200 Bankers Hall West, 888 3rd Street S.W., Calgary, Alberta T2P 5C5. [ MORE ] |
FORWARD LOOKING STATEMENTS Certain statements made in this press release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to when MV's common shares will be de-listed from the TSX and MV will cease to be a reporting issuer under applicable Canadian securities laws, and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. [ MORE ] |
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