Prophecy DeFi Inc. is pleased to announce that, it has completed the previously announced acquisition of the remaining 40% of the issued and outstanding common shares of Layer2 Blockchain Inc. As consideration for the Transaction, the Company issued a further 25,000,000 common shares of the Company to the shareholders of Layer2 on a pro rata basis.
All Common Shares issued in connection with the acquisition of Layer2 are subject to 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 releases of the Company dated June 8, 2021 and July 9, 2021.
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Prophecy DeFi initially acquired a 60% interest in Layer2 Blockchain on July 8th. Layer2’s management team has proven to be extremely skilled at identifying opportunities in the Decentralized Finance (DeFi) space, executing on market trades and creating returns that exceeded Prophecy DeFi’s targets. On this basis, the Company decided to proceed with accelerating the timeline of the purchase of the remaining 40% interest in Layer2 Blockchain.
“We are thrilled to acquire full ownership of this innovative company,” said John McMahon, CEO, Prophecy DeFi. “Layer2 is managed by an extremely talented team of DeFi operators, and we will be accelerating the growth of the existing Layer2 business with additional capital and resources that will continue to enhance their operations.”
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“This relationship with Prophecy DeFi is truly symbiotic. With the access to capital and knowledgeable advisors that Prophecy DeFi offers, we are able to concentrate our efforts on executing our business plan. Just 60 days after the initial Transaction, we’ve proven the business thesis and see a tremendous future in the growth prospects of the company.” said Andrew Young, CEO, Layer2 Blockchain.
Layer2 specializes in liquidity provisioning, pooled lending, and staking in non-Ethereum DeFi protocols. By providing capital to emerging marketplaces, Layer2 does not just profit from high yields, but also takes an early ownership stake in these growing exchanges.
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