JanOne Inc., a Nasdaq-listed pioneer in innovative solutions aimed at ending the opioid crisis, has signed a definitive agreement to acquire ALT 5 Sigma Inc., a Delaware-based player in blockchain financial technology, along with its subsidiaries.
The transaction is set to close the week of May 13, 2024, subject to customary closing conditions and regulatory approvals.
Founded in 2018, ALT 5 Sigma has been at the forefront of the fintech industry, providing cutting-edge blockchain technologies that facilitate a shift towards a new global financial paradigm.
Its services include “ALT 5 Pay,” a cryptocurrency payment gateway that allows global merchants to accept crypto payments and integrate them into their systems, and “ALT 5 Prime,” an over-the-counter trading platform for buying and selling digital assets.
Tony Isaac, President and CEO of JanOne, highlighted the strategic importance of the acquisition:
ALT 5’s innovative solutions provide significant competitive advantages in the rapidly growing payment processing market. Together, we can help them continue their growth and further enhance their product offerings globally.
Research from Markets.com projects the payment processing solutions market to expand significantly, driven by technological advancements such as artificial intelligence, machine learning, and blockchain, forecasting a compound annual growth rate of 9.5% from 2023 to 2030.
Andre Beauchesne, President of ALT 5 Sigma, expressed enthusiasm about joining a publicly traded company like JanOne, viewing it as a pivotal moment in ALT 5’s development and a substantial opportunity for growth and innovation.
At the transaction’s close, JanOne will issue 1,799,100 shares of its common stock and 34,207 shares of its Series B non-convertible, non-redeemable preferred stock to the former stockholders of ALT 5, making ALT 5 Sigma and its subsidiaries wholly owned subsidiaries of JanOne.
Further details about the acquisition are available on JanOne’s website and through its filings with the Securities and Exchange Commission.
