On Monday April 26, Code Chain New Continent Limited (NASDAQ: CCNC) announced its plan to acquire Filecoin miner Doo Limited. Code Chain executed a Letter of Intent, or LOI, to acquire 100% of Doo Limited.
Per the LOI's terms, the preliminary purchase price for Doo is $79.8 million, adjustable based on asset appraisal. The company will pay for Doo by an issuance of its common stock. Both Code Chain and Doo plan to enter into a definitive equity transfer agreement. This will take place after the companies complete asset appraisal and due diligence. The market price as of the date of the definitive equity transfer agreement will determine the common stock's price. The amount of issuance shall not be more than 19.99% of Code Chain's outstanding shares.