Palayan Resources on April 13, 2022, announced finalising due diligence process on Global FinTech company in money transfer industry. This is being done with help from Small Business Development Group Inc (OTCMKTS:SBDG).
On Wednesday, SBDG stock ended flat at $1 with more than 121 shares, compared to its average volume of 1.8K shares. The stock moved within a range of $1.0000 – 1.0000 after opening trade at $1.
Earlier, it was confirmed that the firm had signed an MOU for acquisition of Global FinTech company. The transaction will be subject to standard due diligence including audited financial statements for the FinTech firm.
James E. Jenkins, PLYN CEO and Director said that the firm has made much progress in the due diligence process. Jenkins added that the company is verifying the acquisition target’s history and validating its potential. The CEO believes that the FinTech firm can facilitate transaction value of $80 million USD. Jenkins feels that the extensive worldwide network of partners and technology can help achieve U.S. $1 billion in transaction volume.”
The potential acquisition company is based in Singapore and transaction was sourced by SBDG S.E.A., SBDG’s Southeast Asia office in Kuala Lumpur, Malaysia.Involving several entities, the common thread is C2C Business Strategies, LLC, which has controlling interest in PLYN.
Roy Y. Salisbury, Small Business Development Group CEO and Chairman said that C2C is looking to build value for stakeholders by capturing the arbitrage value. Salisbury added it is utilising services of SBDG’s wholly owned subsidiary, Stony Hill Advisors, a Merger and Acquisition Advisory Firm.
“We have made significant progress in the due diligence process; we are verifying the acquisition target’s history, market viability, and validating its potential,” said James E. Jenkins, PLYN CEO and Director. “We believe that the FinTech company can support the transaction value of $80 million USD, and more importantly with its extensive worldwide network of partners and technology, it has the capability of achieving more than U.S. $1 billion in transaction volume.”
SBDG stock is trading above the 200-Day and 50-Day Moving averages of $0.98 and $0.98 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.77.