AcquisitionsMay 11, 2026, 08:16 AM
Functional Brands Signs LOI to Acquire BullionFX Assets for $142.9M
AI Summary
Functional Brands Inc. signed a binding Letter of Intent (LOI) on May 9, 2026, to acquire assets and intellectual property of BullionFX Ltd, including its Alchemy product, for an expected value of $142.9 million. The acquisition, to be paid in preferred stock, aims to position Functional Brands to develop a decentralized gold-backed financial ecosystem. This strategic move is expected to provide technology for gold-linked digital financial applications and interoperability between traditional and blockchain systems.
Key Highlights
- Functional Brands signed an LOI to acquire BullionFX Ltd assets for $142.9 million.
- Acquisition includes BullionFX's Alchemy product, a blockchain-based gold-backed infrastructure.
- Consideration is preferred stock, convertible to common stock upon shareholder approval.
- The LOI includes binding provisions for exclusivity, due diligence, confidentiality, and expenses.
- Due diligence period runs until May 31, 2026, or earlier entry into a definitive agreement.
- The transaction aims to create a decentralized gold-backed financial ecosystem.