Fintech company Vaycaychella, Inc. (OTC Pink: VAYK) announced in a press release today that it had been engaging in a strategic discussion with a fast-growing home service company based in Atlanta, Georgia. The possible deal involves VAYK acquiring 50 percent non-managerial ownership of the home service business.
VAYK has not entered into any binding or non-binding agreements with the target business, but management is optimistic that the two parties will enter into a non-binding LOI in the next few days. The potential acquisition target is expected to report approximately $4 million in revenue for the 12 months between July 2023 and June 2024.
Vaycaychella’s management said that it was premature to disclose more details but believed that it would be a non-cash acquisition deal, which would involve Vaycaychella issuing shares to acquire the target business. Management also commented on their belief that any shares issued to acquire the target business should not be priced at lower than $0.01 per share when converted to common shares.
Shares were currently trading at $0.0011 in afternoon trade.
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