SPENN Technology A/S cashes NOK 20 million from sale of JengaX shares
This announcement contains inside information about the sale of JengaX shares.
Company Announcement No. 78
As part of the strategic move to spread the JengaX share on more hands in preparation of the announced 2022 OTC listing, SPENN Technology A/S has sold a 10 percent stake in JengaX for approximately NOK 20 million – based on a valuation of JengaX at NOK 200 million.
JengaX is a crypto exchange company established newly established by two leading Norwegian-based crypto currency and blockchain companies: Sunzis AS (owner and CEO Morten Klein) and SPENN Technology A/S (owner and CEO Jens Glaso). JengaX will provide smooth and instant purchase and sale of various crypto currencies, and instant conversion between crypto and fiat (national currencies) – primarily in Africa.
JengaX will build on technology and KYC solutions (Know Your Customer), similar to BankID in Norway or NemID in Denmark, delivered by SPENN Technology’s subsidiary Blockbonds AS. A part of Blockbonds AS will be demerged into JengaX in a transaction based on a post-merger valuation of JengaX at approximately NOK 440 million.
At that point, SPENN Technology A/S will own approximately 55 per cent of JengaX, valued at approximately NOK 240 million.
For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk
SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
About SPENN Technology A/S
In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.
The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.
SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.
SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN