The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Cicada Issues Letter of Intent to List on TSX Via Reverse Merger With Venture Capital Firm

Following its decision to sell CounterpartyLink in April, Cicada has recently issued a letter of intent to list on the Toronto Stock Exchange (TSX) via a reverse merger with venture capital firm JJR II Acquisition.

“At this time, it is still a letter of intent – in other words, there has not been a completed transaction in this regard,” explains Hubert Holmes, executive vice president of Cicada. “Rather, it is one of several options Cicada is considering as we look to rapidly accelerate our business plans for new Cicada product and service offerings, most particularly MarketPrizm.”

Holmes continues: “Our strategy in terms of the various capital markets options we are looking at, is to maximise the new investor interest we are receiving in Cicada, and to leverage the best of those additional funding possibilities to hyper-drive our business plan for the European markets.”

JJR II is currently listed on the TSX and is an affiliate firm of JJR Capital Corp. The total transaction, if it goes through and following the completion of the qualifying transaction, has been valued at approximately US$55 million.

It has been agreed that Cicada will nominate the five board members of the newly restructured firm if the transaction is approved. The principal shareholders of Cicada are Andover Capital SPC, Segregated Portfolio ACL 10,008, Hubert Holmes and Mike Hensley, who collectively will hold more than 90% of the shares of Cicada and have agreed to enter into a support agreement to vote their shares in favour of the transaction or tender their shares into an offer by JJR II.

Related content

WEBINAR

Recorded Webinar: Leveraging innovation in data management

Financial Institutions are going through considerable change as they look to deploy innovative technologies and solutions that could radically change data management processes and deliver operational and business benefits. This webinar will review innovation in data management – including technologies such as machine learning, pattern matching, artificial intelligence and solutions such as utilities and managed...

BLOG

IHS Markit Adds Data Dictionary for EDM Platform

IHS Markit has released a data dictionary designed to help business users gain greater visibility of their data. The Data Dictionary has a web-based interface that allows users to see what data is available within their organisation, and a portal that includes data governance metadata covering how the data is defined, where it has come...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Managing Valuations Data for Optimal Risk Management

The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL. According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards...