WRIT Media Group, Inc. has announced the details of its recent acquisition of all of the outstanding shares of Pandora Venture Capital Corp. common stock in a stock transaction valued at approximately $4.2 million.
The acquisition price is based on the closing price of $0.30 per WRIT Media Group common share, as of the date the shares were issued and held in escrow. WRIT Media Group acquired Pandora through the issuance of 14 million restricted shares of its Common Stock to the shareholders of Pandora, in exchange for all issued and outstanding shares of Pandora, making Pandora a wholly owned subsidiary of WRIT Media Group, Inc. Pandora will assume one seat on the WRIT Media Group board of directors. Further information is provided for in the Company’s Form 8-K.
Pandora is the developer of an online platform that allows investors to trade digital currencies similar to the way stocks are traded on a stock exchange. The company provides a digital currency software solution that combines trade exchanges, loyalty rewards and a payments support platform. Pandora is also developing an enterprise blockchain platform that enables institutions to design, deploy, and operate financial networks that can power assets in various markets.
Eric Mitchell, president and CEO of WRIT Media Group, said: “With this acquisition, we expect to drive meaningful value for our shareholders, customers, and partners around the world. We look forward to working closely with the Pandora team to ensure a smooth transition and continued innovation to bring the digital currency of the future, and other unique Blockchain solutions to our customers.”