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Benzinga
Benzinga
Business
Akanksha Bakshi

Majic Acquires 26% Stake In Bamboo Wellness

  • Majic Wheels Corp. (OTC:MJWL) has closed the acquisition of a 26% equity stake in Bamboo Wellness Holdings Limited.
  • The transaction valued at $26 million is being funded partly by cash and new shares of Majic, providing a post-money valuation of Bamboo at $126 million.
  • Majic also holds an option to exercise the First Right of Refusal to increase the interest of Majic in Bamboo to 51% based upon the same terms.
  • Bamboo will continue to be led by CEO Vincent Kwo and its existing senior leadership team and continue to operate as a separate company.
  • Price Action: MJWL shares are trading lower by 3.86% at $0.080 on the last check Monday.
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