Great Rock Development Corp. inked a formal letter of intent with the shareholders of a group of operating companies in the payment processing sector, collectively called Comepay.
Under the terms, Great Rock will acquire four operating entities in two stages for a total consideration of 60 million post reverse split shares of the company's stock.
The acquisition will result in a change of control, according to a Feb. 1 release.
Concurrent with the first closing under the letter of intent, the company's board will be expanded to include two additional members to be selected by the existing Comepay shareholders, while the company will appoint additional officers.
Additionally, Great Rock and its controlling shareholder approved the company's name change to Comepay Inc., a symbol change and a reverse split on the basis of 1 new share for every 100 issued and outstanding shares.
The first closing is anticipated by Feb. 28.
