LOS ANGELES, December 01, 2021--(BUSINESS WIRE)--SRAX, Inc. (NASDAQ: SRAX), a financial technology company that unlocks data and insights for publicly traded companies through Sequire, its SaaS platform, announces that from this date forward, it will no longer have to consolidate the financials of BIGtoken, Inc (FPVD).
On September 27, 2021, BIGtoken, the leading ethically-sourced identity, data, and insights creation and media activation platform, and BritePool, Inc., a leading identity verification company for advertisers and publishers, entered into an agreement and plan of merger in an all-stock transaction. Today, with the completion of this union, SRAX is no longer obligated to consolidate BIGtoken into its financials. SRAX currently holds their BIGtoken position on the balance sheet at approximately $4M. This will now be adjusted on a quarterly basis to mark the position to market.
"We incubated BIGtoken and provided the infrastructure for BIGtoken so they can be their own company. The management team is one of the best in the industry and we look forward to them achieving the vision of consumers owning their own data," said SRAX founder and CEO, Christopher Miglino.
SRAX (NASDAQ: SRAX) is a financial technology company that unlocks data and insights for publicly traded companies. Through its premier investor intelligence and communications platform, Sequire, companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels. For more information on SRAX, visit srax.com and mysequire.com.
Cautionary Statement Regarding Forward-Looking Information:
This news release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in our business, and our need for future capital. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in SRAX's periodic reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Reports on Form 10-Q as well as in other reports filed with the SEC. We do not assume any obligation to update any forward-looking statements.
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