Animoca Brands, a company specializing in blockchain, gamification and artificial intelligence technologies, today announced that it has entered into a share purchase agreement to acquire 100% of Latgala OÜ, commonly known as Lympo, a blockchain platform aimed at reward people for exercise, for advance consideration of USD $ 1.38 million.
Lympo is a company that operates a blockchain platform to motivate people to live healthier lives by rewarding users with Lympo tokens (LYM) when they exercise using the Lympo mobile app. LYM can be bought or sold on various cryptocurrency exchanges or used directly to purchase sporting goods on the Lympo Store. Lympo has approximately 300,000 users, mainly located in the US and South Korea, and a social media base of over 75,000 followers.
Lympo is one of the first blockchain apps in the world to partner with Samsung Blockchain Wallet, which provides seamless transfer and storage of LYM tokens. In 2019, Lympo featured at the Samsung Silicon Valley Developers Conference as one of the first blockchain projects collaborating with the Samsung Blockchain Wallet. Lympo also held Healthy Habitat Month in collaboration with Samsung Health in the US in November 2019 to inspire thousands of consumers to build healthy habits.
Through the Acquisition, Animoca Brands will secure all Lympo’s LYM. At the time of writing, LYM had a price of USD $ 0.002902 (acquired by CoinMarketCap) and has a market capitalization of approximately USD $ 2.4 million. There are currently over 75,000 LYM ticket holders. LYM is currently paired with Bitcoin (BTC) and ether (ETH) on Huobi Global; with BTC, ETH, and Tether (USDT) on KuCoin; and with BTC, ETH, and USDT on Gate.io. LYM can also be traded on GOPAX using South Korean won, as well as on Bitfinex using US dollars.
Following the acquisition of Lympo, Animoca Brands will work to support LYM within its existing token ecosystems including the REVV Token, the blockchain motorsport utility powered F1 Delta Time and upcoming games based on MotoGP and Formula E. Animoca Brands will also leverage existing Lympo partnerships, customers, and ticket holders to increase engagement for sports-related NFT collectibles. Among many other post-acquisition initiatives, Animoca Brands and Lympo will be working on the production of a gamma “hero” collectible system that will motivate skilled athletes; the collectibles will be available and upgradeable using LYM.
Terms of Procurement
Animoca Brands Limited, has acquired 100% of the issued and outstanding share capital of Latgala OÜ (Lympo) for advance consideration of USD $ 1.38 million, payable in shares of Animoca Brands based on price per share of the higher of A $ 0.25 or the market price of the shares at the closing date of the acquisition.
If Lympo achieves certain revenue milestones in the one-year period following the Acquisition closing date, Animoca Brands will pay up to USD $ 1.5 million in earnings payments, payable in cash or shares of Animoca Brands , at the sole discretion of the company. . If Animoca Brands chooses to make the earnings payments by shares, the company’s shares will be based on a price per share of the highest of A $ 0.25 or a 14-day weighted average price of shares of Animoca Brands on the date when the accounting period for the revenue milestones ends.