Oscillate PLC has agreed to a reverse takeover of UK fintech platform Hi55 Ventures, which operates the Hi digital payroll scheme that allows staff to access their pay weekly or even daily.
The proposed deal values Aquis-listed Oscillate shares at roughly £2.7mln or 1.29p per share, versus its last share price of 0.75p, and puts a value on Hi of £28mln, or 70p per share.
Subject to completion of the proposed reverse takeover, Oscillate said its shareholders will also receive a warrant for every share held in the enlarged group, exercisable at 1.29p per share for a 12-month period post-completion.
The Hi platform is designed to externally finance payroll as well as allowing employees early access to pay.
It has been accepted onto both the Microsoft for Startups and the Mastercard Start Path accelerators and has been granted B Corp ‘Pending’ status.
Shares in Oscillate have been suspended while completion of due diligence and regulatory approval is completed.