Prestige Wealth to acquire SPW Global for $4.5M in cash, shares

Prestige Wealth announced that it entered into a definitive acquisition agreement pursuant to which PWM will purchase all shares of SPW Global Inc, a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI. or Wealth AI, a company incorporated under the laws of Republic of Singapore. The total purchase price is $4.5M subject to customary closing purchase price adjustments, with $3M being paid in cash and the remaining $1.5M being settled in the form of 1.9M class A ordinary shares and 500,000 class B ordinary shares of the company issuable to the seller and key employees of Wealth AI. In addition, key employees will be retained and continue to be employed by Wealth AI after closing of the transaction. The acquisition agreement also includes a third-year period non-competition and non-solicitation covenants from the seller parties. The transaction is expected to close in the fourth quarter.