Fastforward acquires stake in Leap Gaming
Biotech and technology investor FastForward Innovations has acquired an initial 29.4% stake in Leap Gaming, with the firm set to secure an additional 11.75% in the next 30 days.
The total acquisition, which will secure FastForward a 41.15% stake in Leap, will cost the investment company a total of $3.5 million (€3.1 million).
The agreement represents FastForward’s first foray into the gaming sector.
FastForward opted to acquire an initial 693 units in Leap for $2.5 million but will increase this by a further 277 units over the next month.
Upon completion of the transaction, new shares equal to $250,000 will be issued.
Lorne Abony, chief executive of FastForward, said: “We aim to bring early stage private investment opportunities, previously reserved for venture capital firms, to our shareholders and offer liquidity to all our shareholders through our listed platform.
“FastForward is uniquely poised to eliminate the barriers to investing in private technology and life sciences start-ups that previously existed for retail investors.”
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