Benzinga | Apr 8, 2021 08:40AM EDT

GreenBox POS Announces Reaching Of Final Terms In ChargeSavvy Acquisition

GreenBox POS (NASDAQ:GBOX) ("GreenBox" or "the Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, today announced reaching final terms of its previously announced acquisition of ChargeSavvy LLC, a financial technology company specializing in payment processing and POS systems.

The final price of the acquisition was renegotiated from the previously announced $31.2 million all stock transaction to an all-stock transaction valued at $12 million. GreenBox will issue 1 million restricted shares of common stock to ChargeSavvy. The final negotiated terms reflect the findings of an independent audit, internal due diligence, and reflect an overall lower price, negotiated in good faith. The terms take into consideration the strength of GreenBox share price while limiting dilutive effects from the purchase. The parties expect to celebrate signing the definitive agreement within the next few days.

The acquisition will include ChargeSavvy's headquarters, a 61,000 square foot office building located in Chicago. ChargeSavvy will be able to immediately utilize GreenBox technology, licenses, rapid onboarding and banking licensing to streamline the boarding of new and existing clients.

"This will be a milestone acquisition for GreenBox as it is immediately accretive and expands the Company's footprint into retail and other verticals. ChargeSavvy's point of sale system and anti-fraud technology naturally compliment the GreenBox blockchain ecosystem creating a perfect solution for higher risk verticals," said Fredi Nisan, Chief Executive Officer of GreenBox POS. "Additionally, the company expects the upcoming deployment of its Smart-Contract Token technology to further accelerate transaction processing volume, revenue, and net income growth."