POINT ROBERTS, WA / ACCESSWIRE / December 13, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce that on December 10, 2021 it closed its $45 million acquisition of Genesis Financial, Inc. ("Genesis"), a privately-owned diversified financial services company with a focus on fintech-powered wealth management advisory services. Genesis will operate as a subsidiary of SMC. At closing, stockholders of Genesis representing 95.28% of the common stock of Genesis have accepted SMC's offer. It is expected the remaining Genesis stockholders (representing 4.72% of Genesis common stock) will come on board very soon.
SMC has delivered to Genesis, the proportionate percentage of accepted stockholders, the agreed upon purchase price of $45 million in SMC's Series B Preferred Shares. Post closing, and SMC will issue 20 million warrants exercisable at $1 per warrant with a 3-year exercise period which will be used for operational, capital management and acquisition purposes. Mr. Warwick Kerridge, Chairman of Genesis, has been appointed to SMC's Board of Directors. Mr. Charles Provini, proposed by Genesis, will join SMC's Board of Directors as an independent director.