UPYY - UPAY Inc. Acquires Full Ownership of Huntpal LLC Expanding Its Portfolio and Market Reach | Benzinga
DALLAS, June 05, 2024 (GLOBE NEWSWIRE) -- UPAY Inc. ("UPAY" or the "Company") (OTCQB:UPYY), a leading corporation in the fintech sector, is pleased to announce that it has successfully negotiated with the shareholders of Huntpal LLC ("Huntpal") to acquire full ownership of the company. As part of this agreement, UPAY Inc. will issue common stock shares of UPAY to the current Huntpal shareholders in exchange for their shares in Huntpal, which transaction will result in Huntpal becoming UPAY'S wholly owned subsidiary.
To finalize this acquisition, both parties signed a Second Addendum to the Huntpal Memorandum of Understanding formalizing the changes in ownership of Huntpal LLC and UPAY. Additionally, the new UPAY shareholders, who received shares as part of the transactions, have agreed to Lock-up and Resale Restriction Agreements, which agreements provide that their UPAY shares will be locked up for a period of two years and thereafter subject to trading restrictions in which only 10% of the shares are permitted to be sold per month for an additional three months thereafter.