Orangekloud Technology signed a definitive agreement to acquire Orbis Technology Limited, operator of the VeVe digital collectibles platform. Upon closing, Orbis will become a subsidiary and Orangekloud will be renamed VeVe Inc., with plans to trade on Nasdaq under the ticker VEVE. Orbis shareholders can receive up to 600 million Orangekloud shares, implying a transaction value of up to $600 million at the agreed $1.00-per-share valuation. The deal requires a concurrent $30 million to $100 million private placement to be completed at or before closing, and Orbis intends to provide Orangekloud with a $1 million non-refundable deposit. More than 75% of Orbis shareholders have already signed the agreement, with support expected to rise to at least 93% through drag-along provisions. Orangekloud shares rose 7% in post-market trading.
Orangekloud Technology Inc. Class A Ordinary SharesOrangekloud acquires Orbis in a $600M deal, with shares rising 7% post-market.
Orbis shareholders receive up to 600 million Orangekloud shares, valuing the deal at up to $600M.
