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FastForward portfolio firm Yooma agrees reverse takeover with Globalive

Published: 12:06 14 Jul 2020 BST

FastForward Innovations Limited - FastForward portfolio firm Yooma agrees reverse takeover with Globalive

FastForward Innovations Limited (LON:FFWD) said its portfolio firm, cannabidiol (CBD) specilist Yooma Corp, has agreed a reverse takeover with Globalive Technology Inc.

Globalive is aiming to acquire Yooma for an aggregate consideration of around US$25mln, which will be paid in newly issued shares in the company.

READ: FastForward files motions in Factom bankruptcy hearing

The transaction is also expected to complete at the same time as the acquisition of CBD ingredient wholesaler Socati Corp to form an enlarged group.

 "Should the transaction complete, FFWD's interest will be valued at approximately US$2,662,386 compared to the US$2,332,000 implied valuation on 18 May 2020 when we invested US$1mln into Yooma which followed the write down of our original investment in Entertainment Direct Asia, Yooma's wholly owned subsidiary”, said FastForward chief executive Ed McDermott.

“Through its acquisition of Yooma and Socati, Globalive is looking to build a robust and substantial cannabinoid wellness business and we are very excited by the prospect of the deal both commercially and the resulting increase in liquidity it would give our portfolio in line with our stated strategy. We look forward to providing further updates", he added.

Shares in FastForward were 7.5% lower at 5.4p in lunchtime trading on Tuesday.

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