TROOPS Subsidiary Signs LOI To Acquire 49% Stake In Taiwanese Co-Working Operator, Stock Up

(RTTNews) - TROOPS, Inc. (TROO), Monday announced that its subsidiary Giant Connection Limited has signed a Letter of Intent to acquire 49% of WORK, Inc., a British Virgin Islands based co-working space operator active in Taiwan.

The deal includes a put option enabling TROOPS to purchase the remaining 51% in the future. Consideration will take the form of convertible notes tied to TROOPS shares, priced at 80 percent of the lower of the pre-signing closing price or the 60-day average. TROOPS also commits to develop a 7,000 sq. ft. co-working facility in Hong Kong and a dedicated mobile app.

TROO is currently trading at $1.41, up $0.75 or 115.27 percent on the Nasdaq.