Stack Capital Increases its Exposure to Prove Identity Via Share Swap
September 12 2022 - 7:45AM
Stack Capital Group Inc. (TSX:STCK and STCK.WT) (“Stack Capital”)
an investment holding company that invests in some of the world’s
most innovative and disruptive growth & late-stage private
companies, is pleased to announce that it has acquired additional
shares of Prove Identity, Inc. (“Prove”), in consideration for cash
and 139,440 Stack Capital common shares, increasing its exposure to
the business by roughly 28%, which now represents 9% of Stack
Capital’s Book Value. Prove is a leading provider of digital
consumer identity verification and authentication solutions and its
technology, which uses the mobile phone at its core, modernizes the
way consumers transact with greater ease, accuracy, privacy, and
security.
The transaction was advantageous to all parties
involved. Stack Capital utilized its common shares as currency to
increase exposure to an attractive/existing portfolio company,
capitalizing on current market conditions. The Prove seller, on the
other hand, successfully converted its single holding into a
diversified portfolio of innovative private companies and, in the
process, also managed to maintain exposure to Prove on a go-forward
basis, at a reduced level, through the ownership of Stack Capital
common shares.
“We’re extremely happy to have increased our
exposure to Prove and remain confident in the long-term outlook for
the business,” said Jeff Parks, Chief Executive Officer of Stack
Capital. “Being able to use Stack common shares as currency to help
execute the purchase, in a non-dilutive manner, is advantageous to
our existing shareholders. We look forward to replicating this type
of transaction in the future when the opportunity presents
itself.”
About Stack Capital
Stack Capital is an investment holding company
and its business objective is to invest in equity, debt and/or
other securities of growth-to-late-stage private businesses.
Through Stack Capital, shareholders have the opportunity to gain
exposure to the diversified private investment portfolio;
participate in the private market; and have liquidity due to the
listing of the Stack Capital common shares and warrants on the
Toronto Stock Exchange. At the same time, the public structure also
allows Stack Capital to focus its efforts on maximizing long-term
performance through a portfolio of high growth businesses, which
are not widely available to most Canadian investors. SC Partners
Ltd. has taken the initiative in creating Stack Capital and acts as
Stack Capital’s administrator and is responsible to source and
advise with respect to all investments for Stack Capital.
For more information, please visit our website
at www.stackcapitalgroup.com or contact:Brian ViveirosVP, Corporate
Development and Investor
Relations647.280.3307brian@stackcapitalgroup.com
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