LONDON, UK: TruFin plc has announced the finalization of its deal to sell the intellectual property and assets of its augmented reality and gamification AdTech platform, Interact, to VCI Global Ltd (VCIG).
The transaction, which was initially disclosed on November 21, 2023, is set to complete on March 28, 2024.
Under the terms of the agreement, VCIG will pay TruFin plc a total consideration of $2 million. This sum comprises $300,000 in cash and $1.7 million in VCIG shares, which are traded on the Nasdaq stock market and will be subject to a lock-up period following the sale.
The assets involved in the disposal were recorded at zero value on TruFin plc’s balance sheet, indicating a significant gain from the transaction. TruFin plc, known for its focus on technology-driven solutions in niche markets, including early payment provision, invoice finance, and mobile games publishing, has been a publicly-traded entity on the AIM market since February 2018, operating under the ticker symbol TRU.
This deal marks a notable development for TruFin plc as it continues to streamline its operations and capitalize on its innovative technology platforms.