DGAP-News: FinLab AG backs Mike Novogratz's Galaxy Digital Holdings in PRE-IPO round
09.02.2018 (www.4investors.de) -
DGAP-News: FinLab AG / Key word(s): Investment
FinLab AG backs Mike Novogratz's Galaxy Digital Holdings in PRE-IPO round
09.02.2018 / 11:00
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FinLab backs Mike Novogratz's Galaxy Digital Holdings in PRE-IPO round
Frankfurt/M., February 9, 2018 - FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR) has participated in a pre-IPO round of Galaxy Digital Holdings Ltd., a company founded by legendary hedge fund manager Mike Novogratz. FinLab is part of a consortium that invests USD 5.5 million, of which approximately USD 2 million come from FinLab.
Former hedge fund manager Mike Novogratz has successfully raised USD 250 million in this private placement to finance the launch of Galaxy Digital, a cryptocurrency merchant bank which shall be publicly-listed in Canada soon.
Novogratz, who after his departure from Fortress in 2013, where he had been CIO, had been an early backer of Bitcoin, Ether and many other successful crypto currencies and crypto companies, will move his entire existing cryptocurrency and blockchain portfolio into Galaxy Digital.
Galaxy Digital's cryptocurrency merchant bank will have a threefold business model. It will open a cryptocurrency trading desk and initially seek to capitalize on opportunities for cross-exchange arbitrage. It will also invest in blockchain startups and initial coin offerings (ICOs). Finally, it will provide advisory and asset management services to wealthy clients.
As FinLab shares the same investment focus with Galaxy Digital, the investment into Galaxy Digital shall also underpin a strategic partnership focused on sharing deal flow and doing co-investments.
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This announcement is for information purposes only and does not constitute, contain or form part of, and should not be construed as, an offer or an invitation to sell, or issue or the solicitation of any offer to buy or subscribe for, any securities.
The distribution of this announcement in certain jurisdictions may be restricted by law. Any persons reading this announcement should inform themselves of and observe any such restrictions.
This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state within the U.S., and may not be offered or sold in the United States absent registration or an applicable exemption from registration or in a transaction not subject to the registration requirements of the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements. There will be no offering of the securities in the United States. This announcement and the information contained herein may not be distributed or sent into the United States, or in any other jurisdiction in which offers or sales of the securities described herein would be prohibited by applicable laws and should not be distributed to publications with a general circulation in the United States.
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A.GR) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
Phone: +49 69 719 12 80 0
09.02.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
+49 (0)69 719 12 80 - 0
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