Troika Media buys Crypto/NFT platform Redeeem

Troika Media Group's (TRKA) subsidiary, Redeem Acquisition Corp ((RAC)), has acquired Redeeem, LLC ((Redeem)). This fintech platform empowers businesses to digitize any asset and build their blockchain-based payment solutions.RAC has acquired substantially all of the assets and approximately $165,000 of specified liabilities of Redeeem for $1.21 million in cash and $10.89 million in the common stock of TMG that vest over three years.Robert Machinist, Troika’s Chairman and CEO: "The acquisition of Redeeem increases our ability to significantly grow revenue and strategic opportunities to enhance the core businesses of TMG by immediately positioning the Company as a go-to expert in the NFT and crypto space, particularly in our sports, gaming, and entertainment business, where we will provide brands new opportunities to foster fandom through NFT integration...".Shares +4% premarket.Press Release