Digicann agrees to acquire Winning Asia in proposed reverse takeover
Deals & M&A1 min read
Digicann said it signed a binding share-exchange agreement to acquire Winning Asia Technology Macau Ltd through a proposed reverse takeover. The deal requires approval from Digicann shareholders and the Canadian exchange; it includes a planned 25-to-1 share consolidation and settlement of approximately CAD1 million in debenture principal, plus accrued interest.
Digicann Ventures said it signed a binding share-exchange agreement to acquire Macau gaming product distributor Winning Asia Technology Macau Ltd in a proposed reverse takeover. The deal requires approval from Digicann shareholders and the Canadian exchange.
A proposed 25-to-1 share consolidation is among Digicann's planned arrangements, according to the announcement. It also plans to settle about CAD1 million in convertible debenture principal, plus accrued interest. Under settlement agreements, common shares would be issued to settle some accounts payable and other obligations.
If completed, the transaction would change Digicann's name to Auronexa Technologies Inc. The listed company is expected to continue developing and commercialising Winning Asia's existing businesses, including its technology platforms. Winning Asia offers gaming products and slot management systems under the AGT brand and distributes casino games made by other manufacturers. Co-founder and chief executive Alice Tang said earlier this year that Winning Asia was pursuing opportunities in artificial intelligence-driven robotic security.
Digicann has held its Canadian exchange listing since June 2014, according to the report. The company used the name Agra Ventures Ltd before August 2023.