Fintech
JanOne closes the acquisition of ALT 5 Sigma Inc., a leading next-generation blockchain fintech company
LAS VEGAS, May 16, 2024 /PRNewswire/ — JanOne Inc. (Nasdaq: GEN) announced today that it had closed its business earlier announced acquisition of blockchain financial technology provider, ALT 5 Sigma Inc., and each of its wholly owned subsidiaries.
Launched in 2018, ALT 5 is a fintech that provides next-generation blockchain-based technologies to enable the migration to a new global financial paradigm. ALT 5, through its subsidiaries, offers two main platforms to its customers: “ALT 5 Pay” and “ALT 5 Prime”. ALT 5 Pay is a cryptocurrency payment gateway and ALT 5 Prime is an over-the-counter electronic trading platform. For more details on ALT 5, its platforms and its business, visit https://alt5sigma.com/.
“We are pleased to have closed on this acquisition and to officially welcome ALT 5 to the JanOne family,” said Tony Isaac, President and CEO of JanOne Inc. “This opens an exciting chapter of diversification and growth for JanOne. We will We are now working closely with the Alt 5 team to identify growth opportunities for the entire company.”
Andre Beauchesne, President of ALT 5 Sigma Inc., said, “We are excited to join the JanOne family of public companies. With the completion of this transaction, we will continue to work diligently to expand our business and leverage our many possibility advantages of being part of a company listed on the NASDAQ.” Andre further noted that “ALT 5 transactional processing volume exceeded $1.1 billion last year and was more than $450 million in the first quarter of this year alone. Having built this business foundation gives us provides a strong starting point for future growth.”
Transaction overview
At closing, JanOne issued to former ALT 5 shareholders a total of (i) 1,799,100 ordinary shares, representing approximately 19.9% of JanOne’s issued and outstanding ordinary shares as of May 10, the date on which they were definitive agreements stipulated. executed and delivered and the parties were bound, and (ii) 34,207 non-convertible and non-redeemable Series B preferred shares. ALT 5 Sigma Inc. and its subsidiaries are now wholly owned subsidiaries of JanOne.
Further details on the acquisition can be found on JanOne’s website at https://ir.janone.com/sec-filings or in JanOne’s filings with the Securities and Exchange Commission at https://www.sec.gov/edgar/browse/?CIK=862861&owner=exclude.
About JanOne Inc. — JanOne is a unique Nasdaq-listed company offering innovative, actionable solutions intended to help end the opioid crisis. JanOne is committed to funding innovation, technology and education resources to find a key solution to the national opioid epidemic, which is one of the deadliest and most widespread in the nation’s history. Its drugs in clinical trials have shown promise for their innovative approach to the causes of pain as a strategic option for doctors averse to exposing patients to addictive opioids.
About Alt5 Sigma Inc.
ALT 5 Sigma is a global fintech providing next-generation blockchain-based technologies for trading, clearing, settlement, payment and custody of digital instruments. ALT 5 was founded by financial industry specialists with a need to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 offers its customers the ability to buy, sell and hold digital assets in a safe and secure environment, implemented with financial industry best practices. ALT 5 Sigma products and services are available to banks, brokers, funds, family offices, professional traders, traders, digital asset exchanges, digital asset brokers, blockchain developers and financial information providers.
Please visit www.janone.com AND https://alt5sigma.com/ for more information.
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding statements that JAN 101 will address PAD, JAN 123 will address CRPS, timing of initiation of clinical trials, that the FDA will allow approval through a 505(b)(2) pathway for JAN 123, which upon JAN 101 approval will immediately disrupt the PAD market and other statements, including words such as “continue”, “expect”, “intend”, “will,” “hope,” “should,” “would,” “can,” “potential,” and other similar expressions. This press release also contains statements and links regarding the profitability and potential growth of ALT 5’s platforms and businesses, including, but not limited to, international currency risks, third-party or customer credit risks, liability claims arising from Alt 5 and technology challenges for future growth or expansion. Such statements reflect JanOne’s current view with respect to future events, are subject to risks and uncertainties and are necessarily based on a number of estimates and assumptions that, while considered reasonable by JanOne, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
Many factors could cause JanOne’s actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors may include, among others, those detailed in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should the assumptions set forth in the section entitled “Risk Factors” in JanOne’s SEC filings underlying such forward-looking statements prove incorrect, actual results may vary materially from those described here. These forward-looking statements are made as of the date of this press release and JanOne does not intend, and undertakes no obligation, to update these forward-looking statements, except as required by law. JanOne cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Individuals are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty therein.
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SOURCE JanOne Inc.