Quantum X (QUTX) signed a binding letter of intent to acquire an 80% interest in financial market data provider TraderMade Systems.
The proposed acquisition from Currency Mountain Holdings includes a £412,162.47 receivable (approximately US$544,000), plus accrued interest. The US$550,000 purchase price would be paid with 550,000,000 common shares at US$0.001 each. Quantum X views TraderMade's historical datasets as infrastructure for its AI and quantitative technology plans.
The parties anticipate up to 90 days for due diligence before closing. Completion requires an independent valuation of at least US$550,000 for the acquired shares and receivable, board approval, necessary consents and retention of specified personnel, among other conditions. The seller is owned by Emil Assentato, creating an affiliated-party relationship. Quantum X plans audited TraderMade financial statements covering at least two fiscal years, expected within 71 days of closing.