Shot Spirits Corporation (fka SSPT)

[profiteer11]

"Following completion, it will continue to trade on OTC Pink and retain My Big Coin Pay’s name and management team"

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My Big Coin Pay to go public via merger with Shot Spirits
Posted on Wednesday, 04 March 2015 14:22
Online cryptocurrency payment platform operator My Big Coin Pay agreed to combine with Shot Spirits, a shell company whose shares trade on the OTC Pink Marketplace, via a reverse takeover.

Under the terms of the letter of intent (LOI) signed between the two, the private entity’s stockholders will receive a 90.0 per cent stake in the united firm.

Following completion, it will continue to trade on OTC Pink and retain My Big Coin Pay’s name and management team.

Closing is slated in the next 30 days following the LOI.

My Big Coin Pay previously disclosed plans in August 2014 to launch an initial public offering (IPO).

The deal with Shot Spirits is described as an alternative public offering (APO), which combines a reverse takeover with a private investment in public equity (PIPE).

PIPE deals involve the issue of shares by a quoted company to institutional investors, such as hedge funds, usually at a discount to the market price.

This provides several benefits over a traditional IPO, particularly the fact that businesses are not required to make regulatory filings until after completion, making the process faster and less risky.

ReverseMergers.com, which advises companies on reverse takeovers and APOs, believes the market for this structure could be boosted by new federal rules to be passed in relation to equity crowdfunding.

My Big Coin Pay operates an online platform which processes transactions made in cryptocurrencies, which are decentralised digital or virtual currencies using cryptography for security.

The first of these was Bitcoin, which was created in 2009, but several alternatives now exist, including Namecoin, Litecoin and Peercoin.

However, their anonymity makes them controversial due to the potential for money laundering.

European Union law enforcement agency Europol released a report yesterday which found that cryptocurrencies facilitate organised crime.

Another reverse takeover was also announced in the industry this week, involving Bitcoin derivatives trading firm Tera Exchange and NYSE MKT-listed MGT Capital Investments.

© Zephus Ltd