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Beeks Financial Cloud reveals 'earn-out' payment from acquisition
StockMarketWire.com
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Beeks Financial Cloud, a cloud computing provider for financial services, has announced it will pay £48,890 in cash and issue 430,946 ordinary shares as 'earn-out' payment from its acquisition of Velocimetrics.
The potential payment was announced on 15 April 2020, and was been based on Velocimetrics achieving certain gross revenue targets during the financial year ending 30 June 2020. Further earn-out consideration may become payable for the year ended 30 June 2021.
The earn-out shares will be issued at 0.125p each, Beeks said, and will be subject to a 12-month lock-in restriction.
The new shares are expected to begin trading on 15 December 2020.
At 3:18pm: (LON:BKS) Beeks Financial Cloud Group Plc share price was 0p at 95.5p
Story provided by StockMarketWire.com
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