Troika Media Group, Inc. (Nasdaq: TRKA) announced on Monday, May 24 that its subsidiary Redeeem Acquisition Corp. has closed its acquisition of Redeeem, LLC. Redeeem, LLC is a fintech platform that helps businesses to digitize its assets. Redeeem also helps businesses to build their own blockchain-based payment solutions.
RAC has acquired substantially all of the assets and about $165,000 of specified liabilities of Redeeem. The purchase price for this was $1.21 million in cash and $10.89 million in TMG common stock. The $10.89 million stock price applies to stock that vests over three years. Troika intends to integrate its products across its media services, building on Redeeem's digital blockchain capabilities.
Troika will work with both new and existing b...