Honye Financial Services Ltd (LON:HOYE) the UK-based acquisition vehicle or SPAC has signed non-legally binding heads of terms to acquire Zoyo Capital.
Final prices have yet to be set but Honye said any consideration would be paid in shares to the Zoyo owners.
Honye added it intends to carry out a simultaneous fundraising for working capital for the enlarged group.
Zoyo is a London-based FinTech company founded in April 2018 by a team of financial services and technology professionals focused on digital customer onboarding and securities broking.
Its principal business is a mobile-native securities broking platform, which incorporates its main technologies.
Shares in Honye have been suspended pending the deal’s completion, which constitutes a Reverse Take Over (RTO) under Listing Rules.
Completion requires formal terms to be agreed upon and legal and financial due diligence to be carried out.