On April 7, 2022, Ether Capital Corporation (ETHC: NEO) was informed and announced that its portfolio company, Wyre, had entered into an agreement to be acquired by Bolt, a private American company. Details of that transaction, which were sourced from Bolt and Wyre’s announcement, were released by Ether Capital and posted on its website on April 7, 2022.
Subsequent to that press release, additional information was made available over social media by an individual connected to Ether Capital. That information indicated that Wyre was valued at US$50 million at the time that Ether Capital made its investment in 2019. Ether Capital had not disclosed the valuation of Wyre at the time of its investment nor its percentage ownership in Wyre.
As Ether Capital has in several instances in the past disclosed that its original cost for its position in Wyre was US$1.5 million, Ether Capital would like to make sure that investors appreciate the extent of its stake in Wyre including in light of an article published in the Wall Street Journal* about the possible value of the acquisition. Ether Capital has not been a source for the Wall Street Journal article nor is it validating the information in that article.
As stated in its press release on April 7, Ether Capital will assess the information about the proposed acquisition of Wyre by Bolt once it has been received during Q2. After such assessment, Ether Capital will consider changes to the carrying value of its investment in Wyre and include any such changes in its financial statements. As of this date, there has been no official disclosure of the proposed transaction terms including the nature of the consideration or the timing of its payment or valuation for the Wyre acquisition.