GoLogiq Acquires Nest Egg for $30 Million, Adding Wealth-Building Platform for Gen Zs and Millennials
NEW YORK, Jan. 10, 2023 (GLOBE NEWSWIRE) — GoLogiq, Inc. (OTC:GOLQ), a US-based global provider of fintech and consumer data analytics, has signed a binding letter of intent to acquire privately held Nest Egg Investments in a stock transaction for a value of 30 million dollars.
Nest Egg offers a streamlined mobile solution for discovering, planning and automating retirement savings, with investment products and services offered by subsidiary Nest Egg Securities, a FINRA-licensed broker-dealer.
Under the terms of the proposed merger, GoLogiq would acquire Nest Egg Investments as a wholly-owned subsidiary in an all-stock transaction. GoLogiq will issue $30 million worth of Nest Egg stockholders’ equity in GoLogiq stock in exchange for 100% of Nest Egg and its subsidiaries.
The proposed transaction builds on GoLogiq’s recently announced $320 million definitive merger agreement with GammaRey, a fintech ecosystem for the emerging digital economy that features a commodity-backed digital currency, digital wallet and proprietary transaction platform for securities, goods and services; and $800 million in customer financial assets. The addition of Nest Egg, which had previously been an acquisition target for GammaRey, will enable GoLogiq to further leverage GammaRey’s fintech ecosystem with offerings that address the high-growth wealth management market for Generation Z and Millennials.
The financial wealth of Millennials and Gen Zers reportedly rose 25% last year (higher than that of Gen Xs and Baby Boomers), and their combined assets grew from $2.9 trillion to $3.6 trillion. Given this trend, Bain & Company has projected that the wealth management market will double in size and exceed $500 billion by 2030. However, the median age of workers starting to save for retirement has risen to 27, according to a recent survey, a 33% increase. currently without any pension savings plan.
Nest Egg addresses this need and the large market opportunity with engaging investor education combined with simplified automated savings and investment tools – all easily accessible on a secure Android or Apple mobile app. It delivers personalized investment strategies along with a simplified user experience to select or build portfolios and automate trade execution.
Nest Egg is supported by Tier 1 partnerships that include banking and payment services. Nest Egg is a leading provider of financial technology, and has a clearing and custody arrangement with Velox Clearing LLC. Nest Egg also includes Plaid, a financial services data network that powers the fintech tools used by millions of users and provides solutions that help users contribute to their IRAs through everyday spending.
The Nest Egg app is currently in beta and is expected to officially launch later this month. For the launch, Nest Egg plans to leverage its affiliation with four other mobile apps that have around 190,000+ active accounts and growing.
“Retirement investing today has been consumed by scale, not innovation,” said Trent McKendrick, CEO of Nest Egg who plans to join GoLoqiq after the merger. “In contrast, we believe our simplified investment app has the potential to help millions of millennials save and invest every day. Becoming part of GoLogiq as a public company supports our mission with greater access to capital, as well as taking advantage of the long-awaited synergies we envisioned through our partnership with GammaRey.”
GoLogiq’s Interim CEO Brent Suen commented, “Our strong roots in mobile app development, e-commerce and bill payment and now the addition of GammaRey make Nest Egg a perfect fit. We expect Nest Egg’s highly skilled and talented leadership team to help us to realize our larger vision of a comprehensive fintech platform that supports underserved businesses and consumers across the US and around the world.”
“We see tremendous opportunities as we look to integrate the powerful complementary fintech solutions of GoLogiq, Nest Egg and GammaRey,” Suen added. “We expect that the completion of these transactions will help lay the foundations for strong growth and profitability in the new year.”
The parties expect the Nest Egg acquisition to close in the current first quarter of 2023. Although the transaction is expected to be completed as expected, a definitive agreement has not yet been signed and no assurances can be given that the transaction will be completed as described.
Additional details regarding the proposed transaction are expected to be made available with the anticipated definitive agreement, which will be filed as a Form 8K with the US Securities and Exchange Commission at www.sec.gov, as well as available on the investor section of GoLogiq’s website.
About Nest Egg
Nest Egg has introduced a simplified retirement investment app to discover the planning and automation of retirement investment strategies. It offers investment products through its subsidiary Nest Egg Securities, a FINRA-licensed broker-dealer. To learn more, visit www.nestegg.app.
About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics with a focus on Southeast Asia. The software platforms consist of CreateApp, a mobile app development and publishing platform for small and medium-sized businesses; AtozGo™, a ‘hyperlocal’ app-based delivery platform; AtozPay™, an e-wallet for mobile top-up, e-commerce purchases, bill payments and microfinance; and Radix™, a Big Data analytics platform. Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.
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This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This press release also contains forward-looking statements and forward-looking information within the meaning of US securities laws that relate to GoLogiq’s current expectations and views on future events. Any statement that expresses, or involves discussion of, expectations, beliefs, plans, goals, assumptions, or future events or performance (often, but not always, through the use of words or expressions such as “will likely result,” “expected to,” ” expects”, “will continue”, “anticipated”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlooks”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that may cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in this press release should not be unduly relied upon.
These statements apply only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq’s control, which could cause actual results and events to differ materially from those disclosed in or implied by such. forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenues and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics ( including COVID-19) on the demand for our products and services, industry trends, general market growth, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply for and meet the listing standards and approvals for Nasdaq, NYSE or other senior stock exchange, our ability to find and complete any contemplated strategic transactions, our ability to complete a merger or acquisition with Nest Egg Investments or another entity, any approval of the merger or acquisition with Nest Egg Investments ents or other entity of the Financial Industry Regulatory Authority (FINRA), the structure of such transaction, the timing of such transaction, and the valuation of the businesses upon completion of such transaction, if any, and other risks described in the company’s previous press releases and in its filings with the Securities and Exchange Commission (SEC), including the annual report on Form 10-K and any subsequent public filings.
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GoLogiq connector:
Brent Suen
Interim CEO
GoLogiq, Inc.
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GoLogiq Investor Relations:
Ron Both
CMA Investor Relations
Tel. (949) 432-7566
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GoLogiq Media & ESG contact:
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CMA Media Relations
Tel. (949) 432-7572
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