Banxa bevorstehende Übernahme Forum: Community User: Newmarkettrader

This is a small-cap crypto infrastructure company that provides fiat to crypto conversion software to clients such as Circle, MetaMask, Ledger, and OKX. Its most important assets are regulatory licenses across the US, UK, Canada, Brazil, and Europe, which are difficult to obtain and form the foundation of its strategic value. In June 2025 Banxa agreed to be acquired by OSL Group, a Hong Kong listed digital asset platform with a market cap of about US$1.2-1.5bn, for C$1.55/share in cash. The stock trades at C$1.22/share, leaving a 27% spread. Shareholders have already approved the deal, and closing is expected in late 2025 or early 2026 subject to regulatory approvals. OSL has been expanding internationally through acquisitions in Japan, Europe, and Indonesia, as well as securing a license in Australia. Banxa's licenses and established client relationships fit directly into this strategy. The buyer appears financially capable, and the transaction is highly strategic. That said, the path to this point has been complicated. Banxa previously attempted a management-led privatization at C$1/share, which was abandoned after a higher competing bid failed to materialize. There has also been turnover on the board. Founder Domenic Carosa remains the largest shareholder but carries some controversy from past litigation and has sold small blocks of stock below the offer price, which has raised questions around alignment. Regulatory consents remain the main gating factor. Banxa and OSL have already received a declaration of no objection from the Dutch central bank under MiCAR and change of control approvals for 17 of 37 US Money Transmitter Licenses. FCA review in the UK and the remaining US approvals are pending. The British Columbia court has delayed its final hearing until these are secured, and OSL must also hold a shareholder vote under Hong Kong rules. The break fee of 5% is somewhat higher than usual, so clearly both parties acknowledge execution risks. Special Situation Investments website: www.specialsituationinvestments.com

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