On January 7, 2025, SMC Entertainment, Inc. successfully concluded its agreement with Bateau Asset Management Pty, Ltd, an Australian boutique investment manager. The acquisition involved the purchase of 100% of the outstanding ordinary shares of Bateau, marking a significant milestone for SMC Entertainment.
Bateau, established in 2016 with operations in Australia and Singapore, follows an absolute-return investment strategy and employs a multi-manager approach to investing. As per the terms of the Acquisition Agreement, SMC issued 14,000,000 shares of its Series C Preferred Stock to Bateau, along with two convertible promissory notes totaling $2,000,000. These notes, carrying 5% interest, are convertible into shares of SMC’s Common Stock at $1 per share. One note has a twelve-month term, while the other extends to twenty-four months.
Additionally, Xuqiang (Adam) Yang resigned from his position as Chief Financial Officer on January 6, 2025. His departure was highlighted to not stem from any disputes with the company, its operations, policies, or accounting practices, indicating an amicable separation.
On January 8, 2025, SMC Entertainment issued a press release announcing its successful closure of the Acquisition Agreement with Bateau Asset Management Pty, Ltd. This development aligns with SMC’s focus on acquiring and supporting commercialized financial services and technology companies.
It’s important to note that the forward-looking statements contained within this release, including the Company’s strategies and performance expectations, are subject to inherent uncertainties. Actual results may vary based on factors discussed in the Company’s filings with the Securities and Exchange Commission, thereby advising readers not to rely excessively on these statements.
For further details regarding the Acquisition Agreement and related agreements, interested parties can refer to the Company’s filings with the SEC. Moreover, information disclosed under Regulation FD, including the press release dated January 8, 2025, is intended for informative purposes and is not to be deemed as filed under the Exchange Act.
The Company’s commitment to providing updates is underscored by its adherence to applicable laws and regulations, with a pledge to revise forward-looking statements as needed.
This article summarizes the recent developments at SMC Entertainment following the acquisition of Bateau Asset Management Pty, Ltd and associated executive changes, all of which are integral to the company’s broader growth strategy.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SMC Entertainment’s 8K filing here.
About SMC Entertainment
SMC Entertainment, Inc focuses on the acquisition and support of financial technology companies in the United States. The company develops and provides technology that combines artificial intelligence (AI) /machine learning (ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management tools; and offers IQ Engine, an AI driven contextual analyzer that creates a repository of various equity research.
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