Pioneer Media Holdings has completed the acquisition of NGMI Labs – an on-ramp into DAOs and tokenised communities.
Founded by Jess Sloss, Gregg Peacock and Matthew Shaw, NGMI said the merger would help gain larger access and talent to capitalise on the emerging trend of decentralised technologies and DAOs.
Mike Edwards, CEO of Pioneer commented that “the completion of this acquisition is another important step in our strategy of building a complete Web3 ecosystem”.
“Jess, Gregg and Matt bring unparalleled experience across this exciting new frontier, and I could not be happier to
welcome them to our team,” he said.
“Pioneer is building something really exciting and – coupled with industry expertise and leading, first-to-market assets across NFTs, DAOs and Web3 – provides an exciting opportunity to invest in this emerging sector.”
Under the terms of the acquisition, Pioneer has acquired 100% of the outstanding shares of NGMI for a total consideration of four million common shares of Pioneer issued at a price of $1.75 per share, to be distributed on a pro rata basis to the holders of the NGMI shares, and are subject to a four-month hold period expiring April 30 2022.
Additionally, the Pioneer shares issued will be subject to ‘lock up’ restrictions, with 25% of such shares being freed from such ‘lock up’ restrictions every six months commencing June 29, 2022.
Application will be made for the 4,000,000 common shares to be admitted to trading on Aquis Stock Exchange.
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