Digital marketing and AI-focused firm GD Culture said on Tuesday it will be acquiring all assets in Pallas Capital and 7,500 BTC. The Share Exchange agreement will see 100% of stock in the company acquired, a total of 39,189,144 shares, as per an official press release.
“The acquisition of Pallas Capital marks a significant advancement in GDC’s digital asset treasury strategy. It directly supports our initiative to build a strong and diversified crypto asset reserve by acquiring scalable, high-value digital assets,” said Chief Executive Officer Xiaojian Wang.
He also said that the company will be targeting the potential growth offered by Bitcoin through Pallas Capital’s holdings, in line with its digital asset strategy. The company is also targeting the e-commerce market through its subsidiary AI Catalysis and Shanghai Xianzhu Technology.
“Looking ahead, we are confident that this acquisition will deliver meaningful value to our shareholders as we continue to execute our vision of becoming an established player in the digital asset ecosystem,”
Source: Google Finance
Shares dropped 28% following the announcement, with the stock closing on 16 September at $6.99. The previous close was $9.73.
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