- SMC Entertainment (OTCPK:SMCE) has entered into a LOI to acquire a 100% interest in Australia-based Bateau Asset Management, a boutique global investment manager.
- Currently, Bateau manages A$20M in assets under management. The acquisition will provide SMC with an initial presence in the Southeast Asia Fintech market.
- Under the terms of the Agreement, SMC will acquire 100% of Bateau in an all-stock transaction. SMC will issue shares of its Series C Preferred stock to Bateau’s shareholders, valued at $14M.
- “We believe we can use our foundational AI to help the advisory team grow the AUM from its current levels to over $100 AUM within the next 2 years. We look forward to executing on the plan and delivering long-term value for our shareholders,” stated Erik Blum, CEO of SMC Entertainment.
