Logiq Inc said it has completed the distribution of GoLogiq spin-off shares to its shareholders on record as of the close of business on December 30, 2021, through a special dividend on a one-for-one basis.
This completes the previously-disclosed separation of Logiq and GoLogiq - formerly known as Lovarra - into two independent, publicly traded companies, the New York-based provider of eCommerce and fintech business enablement solutions said.
"The distribution of GoLogiq shares to our investors marks a long-awaited journey in which we successfully transformed our business into two standalone entities to enhance value for our shareholders,” Logiq CEO Brent Suen said in a statement.
“Going forward, we expect each business to be much more nimble and create greater value for all of their respective stakeholders - embarking on a new era of technological innovation and growth," he added.
READ: Logiq sees 1Q revenue of $8.1M powered by its AppLogiq platform-as-a-service business branded as GoLogiq
Logiq said no fractional GoLogiq shares were issued in the spin-off, hence, shareholders who are entitled to them will receive the shares rounded down to the nearest whole share.
GoLogiq CEO Matt Brent commented: "This is a major milestone for GoLogiq, and while we are deeply appreciative of the launching pad Logiq has provided, we are equally excited to pursue the strategy that we outlined earlier this month. We have quietly been working behind the scenes in recent months to execute on our business plan to capitalize on the tremendous fintech and big data growth opportunity in southeast Asia."
GoLogiq provides fintech and mobile solutions for digital transformation and consumer data analytics in Southeast Asia. The company plans to build a network of convenience stores in Vietnam that will serve as a D2C marketing and distribution platform for its growing array of next-gen fintech services.
In Indonesia, its legacy operations consist of three main software platforms including CreateApp, a mobile app development and publishing platform for small-to-medium sized businesses; AtozGo, a 'hyper-local' app-based delivery platform; AtozPay, an eWallet for mobile top-up, e-commerce purchases, bill payment and microfinance; and Radix, its Big Data analytics platform.
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