Fast Finance 24 Holding AG announces the conclusion of a contract for a reverse takeover from Standard Vape Corporation
Berlin, March 8th, 2020 – Fast Finance 24 Holding AG is pleased to announce that it has decided on an all-equity transaction with Standard Vape Corporation (OTC PINK: SVAP), at the end of which the two wholly-owned subsidiaries of Holding – ff24 Merchant Services GmbH (ff24payments.com) and ff24 Ventures GmbH (ff24pay.com) – become subsidiaries of SVAP through a share swap. After completion of the process, Fast Finance 24 Holding AG will hold the majority of the company, which comes from the field of e-cigarette and vaping technology. With ff24 Pay and ff24 Payments, two promising companies of Fast Finance 24 Holding AG have the opportunity to grow even stronger in the long term.
The transaction is to be carried out by exchanging 100,000 SVAP preference shares for 100% of the issued share capital of the German companies. Fast Finance 24 Holding AG then holds 90% of SVAP. A name change will be announced shortly to better reflect the new business direction in FinTech. Mr. John Fruhmann and Dr. M. Ehrlich are stepping down from the SVAP board and appointing Mr. Andreas Garke, CEO and co-founder of Fast Finance 24 Holding AG, as the new chairman and Mr. Armin Dartsch, chairman of the supervisory board of Fast Finance 24 Holding AG, as director and company secretary.
Andreas Garke, CEO of Fast Finance 24 Holding AG, comments: ‘My colleagues and I are delighted that the transaction with Standard Vape Corporation offers two of our promising young FinTech companies the opportunity to continue to grow sustainably in the environment of a separate, listed company . SVAP gives these companies access to the largest global equity market for technology companies, while at the same time the shareholders of Fast Finance 24 Holding AG can continue to participate significantly in their future success. ‘