NEW YORK and VANCOUVER, BC, Jan. 10, 2022 /CNW/ — The INX Digital Company, Inc. (the “Resulting Issuer” or the “Company”) (formerly Valdy Investments Ltd. (“Valdy”)) is pleased to announce the closing of its previously announced reverse takeover transaction (the “Transaction”).
Pursuant to the terms of an amended and restated securities exchange agreement dated November 3, 2021 (the “Securities Exchange Agreement”), Valdy acquired all of the issued and outstanding shares of INX Limited (“INX”). Following the completion of the Transaction, INX became a wholly-owned subsidiary of the Company and Valdy changed its name to that of the Resulting Issuer.
Prior to completion of the Transaction, the common shares of Valdy (the “Valdy Shares”) were consolidated on the basis of 2.7266667 pre-consolidation Valdy Shares for one-post consolidation Valdy Share.
In connection with the Transaction, on April 1, 2021, INX completed a subscription receipt financing led by PI Financial Corp. and Eight Capital for aggregate gross proceeds of C$39,600,000 (the “Financing”). Pursuant to the terms of the Financing, the escrow release conditions for the Financing have been satisfied and each subscription receipt has been converted into one common share of the Resulting Issuer (each, a “Resulting Issuer Share”) and one-half of one common share purchase warrant of INX (each whole warrant, an “INX Financing Warrant”) and the net proceeds from the Financing have been released from escrow. Each INX Financing Warrant is exercisable into one additional Resulting Issuer Share until [January 10, 2024] at an exercise price of $1.88 per Resulting Issuer Share.
The Company received conditional approval from the Neo Exchange Inc. (the “NEO Exchange”) on December 31, 2021 to list the Resulting Issuer Shares following the completion of the Transaction and the fulfillment of certain listing conditions. It is anticipated that the Resulting Issuer Shares will commence trading on the NEO Exchange under the ticker symbol “INXD”, following the issuance of the NEO Exchange’s final approval and listing bulletin.
Additional information with respect to the Transaction and the Resulting Issuer will be provided in the Resulting Issuer’s listing statement, which will be filed on the Resulting Issuer’s SEDAR profile at prior to the commencement of trading of the Resulting Issuers Shares on the NEO Exchange.
Board of Directors and Management of the Resulting Issuer
The board of directors of the Resulting Issuer now consists of five directors: Shy Datika; David Weild; Nicholas Thadaney; Tom Lewis; and Hilary Kramer. In addition, the management of the Resulting Issuer now consists of Shy Datika as Chief Executive Officer, Itai Avneri as Chief Operating Officer, Alan Silbert as Chief Executive Officer, North America, Douglas Borthwick as Chief Business Officer, Gadi Levin as Chief Financial Officer, Paz Diamant as Chief Technology Officer, Maia Naor as Chief Product Officer, Cathy Yoon as General Counsel, Jonathan Azeroual as Chief Blockchain Officer, James Crossley as Director of Business Development, and Vlad Uchenik as CEO/CCO of INX Securities, LLC. The following is a brief description of the background and experience of the directors and management of the Resulting Issuer:
Mr. Shy Datika is one of the founders of INX and is INX’s President, CEO and a member of the board of directors. Mr. Datika has more than 25 years of experience in the banking and finance industry. As founder and former Chief Executive Officer of ILS Brokers, a multinational brokerage house based in Tel-Aviv, Israel, Mr. Datika has a significant role in the adoption of electronic trading in the global OTC foreign exchange (OTC Forex) market as well as in the brokerage activity and online trading business. During the last 20 years, Mr. Datika has been extensively involved in financial technology (FinTech) as an investor, director or manager of several companies, including as CEO of ForexManage Ltd., a software company providing professional technology platform solutions for institutional risk management and trading activities in the forex and interest rate derivatives markets for the banking industry, Ouroboros Derivatives Trading Ltd. (holding a CIF license from CySec) and its affiliated entities (collectively, “Anyoption”) and as an independent (external) director and a member of the Investment Committee and member of the Audit Committee of Altshuler Shaham provident funds and Pension Ltd. with US$65B under management. Prior to that, he was a senior dealer in Bank Hapoalim heading the G7 spot desk. Mr. Datika possesses broad knowledge in the areas of fin-tech and trading and has an extensive track record in building sustainable businesses in the financial market. Mr. Datika serves as a director on the board of numerous private companies.
Mr. David Weild is an independent director of INX. Mr. Weild is founder, chairman and CEO of Weild & Co., Inc., parent company of the investment banking firm Weild Capital, LLC. Prior to Weild & Co., Mr. Weild was vice chairman of NASDAQ, president of and head of corporate finance and equity capital markets at Prudential Securities, Inc. Mr. Weild holds an M.B.A. from the Stern School of Business and a B.A. from Wesleyan University. Mr. Weild is currently on the boards of BioSig Technologies, Inc. and PAVmed Inc. From September 2010 to June 2011, Mr. Weild served on the board of , until it was acquired by R.R. Donnelly & Sons Co. Since 2003, Mr. Weild was a director and then chairman of the board of the 9-11 charity, Tuesday’s Children. He became chairman emeritus in October 2016 and still serves on the board. Mr. Weild brings extensive financial, economic, stock exchange, capital markets, and small company expertise to the company gained throughout his career on Wall Street. He is a recognized expert in capital markets and has spoken at the White House, Congress, the SEC, OECD, and the G-20 on how market structure can be bettered to improve capital formation and economic growth.
Mr. Nicholas (Nick) Thadaney is an independent director of INX. Mr. Thadaney was President and Chief Executive Officer, Global Equity Capital Markets, and a member of the senior management team of TMX Group until February 2018. In his roles with TMX Group, Mr. Thadaney was responsible for all equity listing and trading activity across the company’s equities markets and alternative trading systems, including Toronto Stock Exchange, TSX Venture Exchange, Alpha, TMX Select, TSX Private Markets and TSX Trust. Prior to joining TMX Group in September 2015, Mr. Thadaney was Chief Executive Officer of ITG Canada Corp. since 2005, with responsibility for managing all aspects of the business, as well as a member of ITG’s Global Executive Committee. Previously, he was Director of Sales and Trading of ITG Canada’s Institutional Equities business from 2000 to 2005. Before his tenure at ITG, Mr. Thadaney was Vice-President, Business Development (Equities) at C.T. Securities Inc., which was later acquired by T.D. Securities Inc. in 1999. He has also been a member of several industry associations, boards and registered charities, including: Asset Management Industry Hold’em for Life Charity; Mount Sinai, Co-Chair; Bermuda Stock Exchange; Canadian Council of the Americas; CanDeal; IIROC; Toronto Financial Service Alliance; Investment Industry Association of Canada; Junior Achievement Canada; Young Presidents Association (Ontario Chapter); and the World Federation of Exchanges SME Advisory Board.
Mr. Thomas K. Lewis, Jr. is an independent director of INX. Mr. Lewis is currently the Founder of Noble 4 Advisors, LLC, a company he founded in September 2012 that develops and provides methodologies, technologies and guidance that assist boards, CEOs, investors, and senior executives in defining and implementing plans to improve operating performance. Mr. Lewis has served as CEO of four companies, including The Green Exchange, a federally regulated futures and options exchange in New York and London, from September 2009 to July 2012; Automated Power Exchange Inc. (APX), a venture-backed wholesale power markets and renewable energy services provider, from August 2003 to October 2007; Ameritrade, an online retail broker, from February 1999 to August 2000; and Campus Pipeline, an educational software company. Prior to that, Mr. Lewis served in technology leadership positions with American Express, Credit Suisse First Boston, USF&G Insurance and Marriott Corporation. Mr. Lewis has served on the boards of The New York Ledger Exchange, aka LedgerX (from 2014 to 2017), Green Exchange Holdings, LLC (2009 to 2012), Evolution Markets, Inc. (2007 to 2009), Automated Power Exchange Inc. (2003 to 2007) and Neovest Holdings, Inc. (2001 to 2004). Mr. Lewis holds an…