All Common Shares issued in connection with the acquisition of Layer2 are subject to a four-month and one day resale restriction and voluntary lock-ups of up to 21 months, subject to certain accelerated releases in the event the Company's common shares trade above certain prices. Further information on the Transaction can be found in the press release of the Company dated
"
Going beyond fintech, decentralized finance (or "DeFi") has the potential to disrupt the centralized banking system, art markets, voting standards, and more by focusing on peer-to-peer transactions. The sector is experiencing tremendous success having grown from
Layer2 is a technology company focused on the rapidly emerging "Ethereum Layer Two" decentralized finance ecosystem. DeFi is currently the fastest growing and most innovative subsector in cryptocurrencies. Until recently, DeFi only existed on the Ethereum blockchain, however, scaling issues on Ethereum has pushed DeFi innovation onto a number of different but scalable "Layer Two" blockchains. This fragmentation has created a significant opportunity to realize outsized returns which the Layer2 team is uniquely poised to take advantage of. Layer2's current operations within the DeFi sector are focused on: liquidity provisioning and market making, cross-chain protocol arbitrage, network staking, validation and infrastructure.
"This Transaction allows us to capitalize on the depth of experience and connections of
In connection with the Transaction, the Company agreed to issue 500,000 common shares to a certain eligible finder. The shares issued to such finder are subject to a four-month and one day resale restriction and the same lock-ups as noted above.
About Layer2 Blockchain
Layer2 Blockchain is focused on accelerating the development of the DeFi industry on scalable blockchains by providing early-stage liquidity to the most promising DeFi projects.
Additional information about the Company can be found on the Company's website at www.layer2defi.com
About
Additional information about the Company can be found on the Company's website at: www.prophecydefi.com
Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals and the possibility that the completion of the transaction may not occur. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
Neither the Canadian Securities Exchange nor the
1Source: |
View original content to download multimedia:https://www.prnewswire.com/news-releases/prophecy-defi-announces-acquisition-of-60-of-layer2-blockchain-301328499.html
SOURCE
© Canada Newswire, source