MCQ Markets is pioneering the curation of ultra rare luxury vehicles and collectibles via tokenization and data authentication on the Solana Blockchain
Toronto, Ontario--(Newsfile Corp. - January 28, 2025) - SOL Global Investments Corp. (CSE: SOL) (FSE: 9SB) ("SOL Global" or the "Company"), one of the first publicly traded companies focused on institutional Solana investments, is pleased to announce it has entered into a binding letter of intent on January 27, 2025 (the "Letter of Intent") to increase its investment in McQueen Labs Inc. ("MCQ Markets"), a Delaware corporation and the operator of MCQ Markets, an emerging leader in the alternative automotive investment space. By leveraging the security and efficiency of the Solana blockchain, MCQ Markets is laying the foundation for the future of data authentication in the collector car market, ensuring verified historical records and market valuations.
Pursuant to the terms of the Letter of Intent, SOL Global will acquire (the "Investment") 2,155,556 shares of common stock of MCQ ("MCQ Shares") at a price of US$0.54 (~C$0.691) per MCQ Share to increase its position from 1,851,852 MCQ Shares to 4,007,408 MCQ Shares. The total acquisition cost of the MCQ Shares will be US$1,164,000 (~C$1,684,028) and will be satisfied by the Company through the issuance of 3,125,000 shares of SOL Global ("SOL Shares") at a price of C$0.40 per SOL Share and cash consideration of US$300,000.
The SOL Shares will be subject to trading restrictions such that no more than 20% of the daily volume of SOL Shares on the CSE may be traded by MCQ Markets. It is expected that the Investment will close on or about February 4, 2025. The closing of the Investment is subject to the policies of the Canadian Securities Exchange.
MCQ Markets specializes in providing fractional ownership opportunities for high-value collector cars through an accessible and SEC-compliant platform. MCQ Markets intends to create a series of collectible tokens (NFTs) for each asset to be sold via MCQ Markets. Investors can purchase shares in iconic vehicles such as Ferraris and Lamborghinis, with each vehicle linked to a unique NFT, securely storing vital information such as VIN, mileage, acquisition date, and more. This secure and immutable digital ledger will ensure all records are tamper-resistant and fully transparent. By leveraging blockchain technology on the Solana network, MCQ Markets intends to ensure authenticity, transparency, and security in data authentication and unlock new opportunities for real-world asset (RWA) tokenization and digital collectibles.
"This investment in MCQ Markets highlights the innovative potential of Solana's blockchain technology, breaking down barriers traditionally associated with luxury ownership and transforming the collector car industry for a new generation of investors," said Paul Kania, Interim CEO, CFO of SOL Global Investments Corp.
CEO of MCQ Markets, Curt Hopkins, shared: "By partnering with SOL Global and building on the Solana blockchain, we're bringing the technical prowess and security of the blockchain to the automotive world, ensuring authenticity, provenance, and transparency for our investors. This partnership will enable MCQ Markets to explore new frontiers in real-world assets and Web3 and be at the forefront of creating the future automotive collecting."
For Further Information Please Contact:
SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Tel: (212) 729-9208
Email: info@solglobal.com
Website: https://solglobal.com/
About SOL Global Investments Corp.
SOL Global is pioneering institutional investment in the Solana ecosystem. As one of the first publicly traded companies globally focused on Solana investment, SOL Global aims to provide unprecedented public exposure to the Solana blockchain through token acquisition, staking for yield generation, and investments in early-stage ventures being built on Solana.
About MCQ Markets
MCQ Markets is redefining luxury asset ownership by making exotic automobiles attainable through its innovative fractional ownership model. The platform serves both passionate enthusiasts and seasoned investors, democratizing luxury ownership and allowing more individuals to invest in assets that were previously out of reach. For more information, please visit: https://on.mcqmarkets.com/pr. Investments contain a high degree of risk. You should carefully review the MCQ Markets offering circular before deciding to invest, a copy of which is available on the Securities and Exchange Commission's website.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. SOL Global is not an affiliate of Solana and does not produce blockchain technology.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
It is possible that the Investment may not close on the terms or timing set out herein, or at all.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, and changes in national or regional economic, legal, regulatory and competitive conditions.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238688
SOURCE: SOL Global Investments Corp.
