Atif Yaqub, Founder Yop, invitee company of Pires (PIRI.L) Interview
Dec 07, 2020, 03:43 PM
Investment in decentralised finance through DeTech Studio Limited
Pires Investments plc (AIM: PIRI), the investment company focused on next-generation technology, announced that it has conditionally entered into a share subscription agreement ("Subscription Agreement") to subscribe for 1,765 new ordinary shares in DeTech Studio Limited ("DeTech"), a newly incorporated company which is developing a decentralised finance technology platform ("YOP"). This investment will provide the Company with a 15% equity interest in DeTech.
Furthermore, in conjunction with the Subscription Agreement, the Company has entered into a YOP Token Purchase Agreement ("YOP Agreement") whereby the Company will also be issued with 4 million YOP tokens, representing 4.5% of the total 88 million YOP tokens to be issued, of which 3 million YOP tokens will be subject to lock-in provisions. In the event that the YOP tokens to be issued pursuant to the YOP Agreement are not delivered to the Company by 31 January 2021, the Subscription Agreement will be terminated.
https://www.share-talk.com/atif-yaqub-founder-yop-investee-company-of-pires-piri-l-interview/
Furthermore, in conjunction with the Subscription Agreement, the Company has entered into a YOP Token Purchase Agreement ("YOP Agreement") whereby the Company will also be issued with 4 million YOP tokens, representing 4.5% of the total 88 million YOP tokens to be issued, of which 3 million YOP tokens will be subject to lock-in provisions. In the event that the YOP tokens to be issued pursuant to the YOP Agreement are not delivered to the Company by 31 January 2021, the Subscription Agreement will be terminated.
https://www.share-talk.com/atif-yaqub-founder-yop-investee-company-of-pires-piri-l-interview/