Posted by: Lishur August 2, 2019
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@lopchandai $MGI...how you like them now? They had sold equity to the blockchain company @4.1/share last Q. Current price $2.5...Thats a lot of premium they paid. I bought some shares. Strong brand. Lets see how they do in coming quarters..
Also during the quarter, the Company obtained an equity infusion of $30 millionand entered into a commercial agreement with Ripple, a provider of enterprise blockchain solutions for global payments. Ripple purchased the newly-issued equity from MoneyGram at $4.10 per share, a significant premium to MoneyGram's market price at the time of the investment. The investment agreement provides the Company with an option to sell up to $20 million of additional equity to Ripple through June 30, 2020. The commercial agreement allows MoneyGram to utilize Ripple's xRapid blockchain product, as well as XRP, Ripple's cryptocurrency, to facilitate cross-border settlement. The Company expects that this will reduce working capital needs and have the potential to generate additional earnings and cash flow.
Last edited: 02-Aug-19 10:41 AM