Cuentas releases proposed acquisition of majority stake in WHEN

Cuentas shares specifics on its recently executed binding letter of intent with WHEN Group, a developer of an alternative financial ecosystem for underbanked communities. The proposed share exchange transaction, pending Nasdaq and shareholder approval and other specified conditions, will result in WHEN Group becoming a majority-owned subsidiary of Cuentas. WHEN has been developing solutions that utilize advanced pattern recognition and AI to create a security screening environment that can detect and defend against a range of threats and attacks on telecom, banking, and other communication infrastructure. Cuentas intends to integrate WHEN’s portfolio of cybersecurity solutions into the Cuentas Mobile product. In consideration for the principal shareholder of WHEN, UCG exchanging its 75% stake, Cuentas will issue to UCG a number of common shares of CUEN which will represent, on the date of issuance, 50% of Cuentas’ issued and outstanding capital. Following the closing, WHEN will be a majority-owned subsidiary of Cuentas. The executive management of WHEN will develop a detailed and granular business plan and operating budget. “I’ve had longstanding connections with several members of the WHEN Group team and have consistently held the conviction that their innovative solutions could set a new standard in communication security for both businesses and families,” stated Arik Maimon, the co-founder and CEO of Cuentas. “In the current climate, the developments underway at WHEN are more crucial than ever, and we stand ready to contribute to bringing their solutions to our growing customer base.”