SRAX To Sell Remaining MD Ownership Stake For $8 Million

By Annie Baker ● October 30, 2020
  • Financial technology company SRAX announced that it sold the remaining interest in the SRAX MD asset for $8 million.

SRAX, Inc. (NASDAQ: SRAX) — a financial technology company that unlocks data and insights for publicly traded companies through its SaaS platform Sequire — announced that it sold the remaining interest in the SRAX MD asset for $8 million.

This is not the only deal that SRAX announced recently. Last month, SRAX bought LD Micro, which is a leading data and event company that serves the small and micro-cap space. And in connection with that deal, LD Micro founder Chris Lahiji joined the SRAX board.

“Our SEQUIRE platform is rapidly growing and we are focused on the continued expansion of this business. We believe that selling the MD ownership stake at this time reinforces our goal of being 100% focused on providing our platform and services to public companies. This capital will be effective in helping us accelerate growth. This asset currently sits on our balance sheet with a zero basis, so this capital will go directly to improving our balance sheet. This transaction combined with moving Bigtoken to its own public company brings clarity to our mission going forward,” said Christopher Miglino, founder and CEO of SRAX.