AcquisitionsMay 5, 2026, 08:38 AM
Exodus Movement Acquires Baanx US for $30M, Monavate/Baanx.com for $76.27M
AI Summary
Exodus Movement, Inc. announced two significant acquisitions. The company acquired Baanx US Corp. for $30.0 million, payable in installments over four years, with an option to pay later installments in Class A Common Stock. Concurrently, Exodus acquired Monavate Holdings Limited and Baanx.com Ltd for $76,273,333.30, which covered the outstanding principal and interest on W3C Loans. In connection with these transactions, a prior 2025 Stock Purchase Agreement was terminated, a $10.0 million secured loan to Howat was forgiven, and a legal dispute against Garth Howat and W3C Corp. was dismissed.
Key Highlights
- Exodus Movement acquired Baanx US Corp. for an aggregate purchase price of $30.0 million.
- The $30.0 million purchase price for Baanx US is payable in installments over four years.
- Exodus has the option to pay portions of the second and third installments for Baanx US in Class A Common Stock.
- Exodus acquired Monavate Holdings Limited and Baanx.com Ltd for $76,273,333.30.
- The acquisition price for Monavate/Baanx.com matched the principal and interest outstanding on W3C Loans.
- The 2025 Stock Purchase Agreement was terminated upon the Delivery Date.
- Exodus forgave, canceled, and discharged a $10.0 million secured loan obligation of Howat.
- A legal action filed in the Delaware Court of Chancery against Garth Howat and W3C Corp. was dismissed with prejudice.