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Focused Capital, blockchain mining company initiate reverse takeover

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Focused Capital, blockchain mining company initiate reverse takeover

Canada-based Focused Capital II Corp. and blockchain mining company Fortress Blockchain Corp. initiated a reverse takeover process.

Focused Capital will acquire all of the issued and outstanding common shares of Fortress Blockchain at an exchange ratio of 1 Focused Capital common share for every 1 Fortress Blockchain common share, resulting in a reverse takeover of Focused Capital whereby at least 97.3% of the outstanding common shares of the resulting issuer will be owned by the former shareholders of Fortress Blockchain.

Pursuant to the transaction, the outstanding share options of Focused Capital will remain in effect and all outstanding options and warrants of Fortress Blockchain will be exchanged for options and warrants of the resulting issuer and will be adjusted by the exchange ratio.

The board of directors and management of the resulting issuer will consist of people nominated by Fortress Blockchain.