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Change Financial plans to acquire cryptocurrency entity; names new CEO

Australian fintech company Change Financial Ltd. announced a plan to fully own a blockchain-based cryptocurrency and appointed a new CEO.

The company said July 4 that it has acquired an option to purchase the remaining equity interests that it does not own in cryptocurrency Ivy, raising its ownership to 100% from the current 66.66%. It is offering US$10 million in scrip and cash, pending shareholder approval.

Once it receives shareholder approval, Change Financial may exercise its option before Sept. 30 to purchase the shares for US$8 million in Change Financial shares, issued at 80 Australian cents each, and US$2 million in cash.

Meanwhile, the company appointed Eric Bachman CEO, effective Aug. 1. Bachman was a former COO at Marqeta.

Current CEO and Managing Director Ash Shilkin will become executive director, effective Aug. 1.

The company will also raise A$3.5 million in a share offer to investors. The shares will be issued at a price of 58 Australian cents per share. The company plans to use the proceeds from the share sale for business development and working capital, as well as to fund the purchase of Ivy.

Morgans & CCZ Statton Equities are the lead managers to the placement.