SMC Posts Audited Financial Statements for Fiscal Years 2021 and 2022
ACCESSWIRE / SMC Entertainment, Inc. (OTC PINK:SMCE), is pleased to announce that it has completed and posted its audited financial statements for fiscal years 2021 and 2022.
In preparation for uplisting to a senior exchange, the Company has engaged legal services of a securities attorney to complete and file required documentation to attain reporting issuer status as defined by the SEC. To better reflect its Fintech business plan, the Company intends on filing corporate actions to change its corporate name and ticker symbol.
Per the announcement dated 4/18/2023, the Company has executed a stock purchase agreement to acquire 100% of Fyniti Global Equities EBT Inc. ("Fyniti'). The acquisition is valued at $25 million. Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technology that combines Artificial Intelligence/Machine Learning (AI/ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT") technology. EBT is focused on democratizing Basket Trading, Direct Indexing, Tax Loss Harvesting, and bringing Separately Managed Accounts (SMAs) to the upper end of the retail segment as well as the lower to middle market financial institutions. Fyniti's IQ Engine is an AI driven contextual analyzer that creates a repository of all equity research. The Company anticipates closing the acquisition soon.
The ETFs are an $8 trillion dollar market worldwide with over 80% being passive ETFs, which can be replicated through AI/ML-based algorithms. The wealth management platform market is roughly $1.2 trillion worldwide. The EBT market is targeted to generate $6.2 billion in fees and presents a great opportunity for using AI/ML driven portfolio management.
"This is an important step and milestone for SMC," stated CEO Erik Blum. "Management continues to execute on its plans to move forward. SMC will be changing its name and ticker symbol to better reflect our new identity. We expect to file Form 10 quickly and begin the up-listing process as soon as possible."
About Fyniti Global Equities EBT Inc.
Fyniti Global Equities EBT Inc. is a Fintech platform developer founded by veteran Wall Street technologists and investment bankers who worked for Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and Citigroup. Fyniti has a clear focus on developing disruptive technologies in the Wealth Management and capital markets domains. Fyniti owns the IQ Engine and EBT Technology which combine to provide AI driven Quantitative investing and AI based Basket Trading platforms.
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