StoneX Group Inc. (NASDAQ:SNEX), the proprietor of Foreign exchange manufacturers reminiscent of FOREX.com and Metropolis Index, has filed its newest 10-Ok report with the Securities and Change Fee (SEC).
The doc, inter alia, sheds gentle on StoneX’s post-acquisition dedication concerning the cope with GAIN Capital which was formally accomplished in the summertime of 2020.
In its 10-Ok report, StoneX explains that, subsequent to the Acquire Capital Holdings, Inc acquisition date of July 30, 2020, holders of three.6 million shares of Acquire frequent inventory excellent on the Acquire acquisition date who didn’t vote to approve the merger purportedly demanded appraisal rights pursuant to Part 262 of the Delaware Basic Company Regulation within the Court docket of Chancery of the State of Delaware.
As of September 30, 2023, $20.1 million of merger consideration, based mostly upon roughly 3.4 million Dissenting Shares and assuming a proper to obtain $6.00 per share on the acquisition date, stays payable. Any subsequent settlement with the Dissenting Holders in extra of this quantity shall be thought of the settlement of a post-acquisition contingency to be included in StoneX’s post-acquisition Consolidated Revenue Statements.
As FNG has reported, StoneX closed the acquisition of GAIN Capital in July 2020.
The transaction paid GAIN Capital shareholders $6 per share in money, for a complete deal worth of $236 million.