Quantum X has signed a binding letter of intent to acquire an 80% interest in U.K.-based financial market data provider TraderMade Systems in a proposed transaction valued at $550,000.
TraderMade provides real-time and historical foreign exchange data, APIs and other technology to financial institutions, fintech companies and quantitative research teams.
Quantum X views the proposed acquisition as infrastructure for its developing artificial intelligence and quantitative technology strategy, particularly because institutional-grade historical datasets are required to train and operate advanced quantitative and AI models.
Under the proposed transaction, Quantum X would acquire 80% of TraderMade’s outstanding shares from Currency Mountain Holdings.
Quantum X would also acquire Currency Mountain Holdings’ rights to a £412,162.47 receivable owed by TraderMade, equal to approximately $544,000, plus accrued interest.
The $550,000 purchase price would be paid entirely through 550 million Quantum X common shares issued at a fixed value of $0.001 per share.
Those shares would be subject to a six-month lockup after closing, and the number of shares would not change based on movements in Quantum X’s market price before completion.
Closing requires an independent valuation showing that the combined value of the TraderMade shares and receivable is at least $550,000.
Following completion, Quantum X also intends to obtain PCAOB-audited financial statements for TraderMade covering at least the company’s two most recent fiscal years.
The parties anticipate allowing up to 90 days to conduct financial, legal, tax, technical and commercial due diligence before closing.
The proposed transaction also remains subject to conditions including board approval, required regulatory and third-party consents, retention of specified TraderMade personnel and confirmation of clean title to the shares and receivable.
Currency Mountain Holdings is owned by Emil Assentato, making the proposed transaction an affiliated-party transaction that Quantum X said will be reviewed and disclosed in accordance with applicable securities requirements.
