Life Clips, Inc. completed the acquisition of Belfrics Malaysia Sdn Bhd for $41.8 million.
Life Clips, Inc. (OTCPK:LCLP) completed the acquisition of Belfrics Malaysia Sdn Bhd for $41.8 million on August 25, 2021. Under the terms of the transaction, Life Clips issued 2 million of LCLP Series C preferred shares of $26 million and up to an additional 1.5 million of Series C preferred stock for $15.8 million upon obtaining the milestones. The cash acquired was $0.07 million. Post-closing, Belfrics Malaysia Sdn Bhd became a wholly owned subsidiary of Life Clips, Inc. The principal of the Belfrics Entities has the right to be appointed to the Board. The Board of Life Clips consists of three people: Robert Grinberg, Victoria Rudman, and Charles Adelson. However, the original Board of Directors remains in place post-acquisition. Robert Grinberg remains Chief Executive Officer and Victoria Rudman remains Chief Financial Officer. None of the Belfrics' principals became an executive officer of the parent company.