Shares of Liquid Media Group Ltd. [NASDAQ: YVR] plunged 6.22% at the time of writing on Monday. The firm has shown a bad performance after it has revealed that it has inked a letter of intent (LOI) to purchase iNDIEFLIX Group Inc. (iNDIEFLIX). As per the terms of the agreement, Liquid would purchase iNDIEFLIX for up to 1.67M common shares of Liquid.
It has been disclosed that the amount is planned to be given out to iNDIEFLIX investors across specific performance targets in five equal tranches of 333,333 common shares each. The first tranche of Consideration Shares is due upon execution, with four remaining achievements sparked by iNDIEFLIX revenues equaling US$65M in the years ahead.
Shares of Liquid Media plummeted 6.22% as it lost -0.13 at the time of writing on Monday. The firm has recorded a trading volume of 745.33K as compared to the average volume of 10.69 million. The firm recorded the price of $1.96 at the time of writing on Monday. Liquid Media has a total market capitalization of $26.40 million at the time of writing.
This acquisition is the greatest addition to the business of Liquid Media. The final conditions of the buying deal will be finally concluded in a mandatory conclusive deal to be inked on or before the execution. Furthermore, the execution of acquisition is dependent on the traditional due diligence and documentation provisions and any needed share issuance obligations and authorizations.