SRAX Inc., a financial technology company that unlocks data and insights for publicly traded companies through its SaaS platform Sequire, announced today it has entered into a definitive merger agreement with DNA Holdings Venture Inc. pursuant to which the shareholders of DNA will become the majority owners of SRAX’s outstanding common stock as more fully described below upon the closing of the merger.
DNA has been a long term investor in SRAX and currently owns approximately 35% of the company. DNA is a Web3 investment company which provides both advisory services and invests in Web3 infrastructure. The company was founded by Brock Pierce, the Chairman of the Bitcoin Foundation and Scott Walker, one of the most successful investors in Web3. The DNA team has been co-founders, investors and advisors in some of the most notable Web3 projects in the world; including Tether (USDT), Blockchain Capital (Web3 Venture Fund), Hedera Hashgraph (HBAR) among many others. Each of the projects listed are currently valued between $5B and $100B USD.
DNA Holdings currently has three areas of focus:
DNA Funds – DNA has a number of funds that make investments into selective projects that they believe will be some of the most successful Web3 projects ever launched. The current funds include:
DNA HelixOpportunity Fund
DNA Liquid Token Fund
DNA High Yield Fund
DNA Moonshot Fund
DNA Venture Fund
Web3 Services – Helping companies position themselves to attract investors and creating the marketing attention that the companies need to become recognized in this rapidly growing $2T+ Worldwide market.
Community and Events – In collaboration with SRAX – DNA will host events all over the world to help educate investors about Web3 projects and its ecosystem. These events will be in person and virtual through the SEQUIRE virtual platform.
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The transaction is projected to close upon the satisfaction of certain contingencies that are outlined in the definitive agreement that will be filled with the SEC. Upon the completion of the merger, the public company plans to change its name to DNA Holdings Venture Inc and to request to change its ticker symbol, creating a public company which will allow investors to gain exposure to the most cutting edge Web3 technology projects. Christopher Miglino will act as the CEO of the combined entity.
The parties believe that SRAX’s ability to reach a database of millions of investors is uniquely positioned to educate and inform on the benefits of investing in the decentralized ecosystem. The parties also believe that SRAX is uniquely positioned to enhance their existing SEQUIRE platform to provide investor insights for Web3 projects. SEQUIRE intends to work with their clients to help them explore methods by which they can capitalize from decentralized finance and the tokenization opportunities.
Brock Pierce, Co-Founder of DNA said “ We have been a long term investor in SRAX and believe that they provide the perfect vehicle for DNA to begin its journey as a public company. We look forward to working together with the SRAX team. The Web3 ecosystem in under 15 years has grown to over $2T in value, this is faster than the internet itself and we plan on being in the center of it as this market continues to expand.”
Scott Walker, Co-Founder of DNA added “Now that the BTC ETF’s have been approved it is easy for anyone to gain exposure to the Bitcoin ecosystem. However Bitcoin only represents 50% of the entire Web3 market. Having invested into over 50 Web3 projects in the past 10 years has given our team unique insights into the current and future of the space. DNA allows new investors to gain exposure to the fast growing other 50% of this $2T+ market”
Christopher Miglino, Founder and CEO of SRAX, said: “We believe that the opportunities that exist in this new economy are endless and that by merging with DNA it will provide SRAX with the expertise to become a leader in the space. We have known the team at DNA for over 10 years and have always admired their vision. We believe the timing is perfect to bring DNA to the US capital markets.”
The boards of directors of SRAX and DNA have unanimously approved the proposed Transaction. The Transaction is subject to, among other things, the approval of both SRAX and DNA stockholders and satisfaction or waiver of the conditions stated in the Agreement.
The description of the business combination contained herein is only a high-level summary. Additional information about the proposed Transaction, including a copy of the business combination agreement, will be provided in a Current Report on Form 8-K to be filed by SRAX with the Securities and Exchange Commission (“SEC”) and will be available at the SEC’s website at www.sec.gov.
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