Benzinga | Jun 9, 2021 12:55PM EDT

Liquid Media To Acquire Content Platform iGEMStv For $1.1M

* Liquid Media Group Ltd (NASDAQ:YVR) inked a letter of intent (LOI) to acquire content recommendation platform iGEMStv, Inc for up to 566,667 shares, at $1.1 million based on a June 8 closing price of $1.93.

* The purchase price will be payable in four equal tranches of 141,667 shares each.

* The first tranche will be payable with three remaining milestones triggered by iGEMStv revenues totaling US$9.5 million in the years ahead.

* Liquid Media held $0.71 million in cash and equivalents as of Nov. 30, 2020.

* Price action: YVR shares traded higher by 1.30% at $1.96 on the last check Wednesday.