Liquid Media Group to Acquire iNDIEFLIX Group for Up To 1.67 Million Shares
10:56 AM EDT, 05/10/2021 (MT Newswires) -- Liquid Media Group (YVR) announced Monday a letter of intent to acquire subscription video-on-demand streaming service iNDIEFLIX Group for up to 1.67 million Liquid Media common shares that will be issued in five equal tranches.
The first tranche of shares will be issued upon closing, with four remaining milestones to be triggered by the streaming service reaching $65 million in revenue over the following years. Liquid Media also said it will invest in iNDIEFLIX's ongoing operations staring with a $500,000 secured bridge loan that will be used to produce original content and for general working capital.
Liquid Media said final terms of the acquisition will be determined in a binding deal for the transaction and that the buyout remains subject to customary due diligence and approvals.
Lquid Media was down 5.3% in recent trading.
Price: 2.00, Change: -0.09, Percent Change: -4.28