Blackboxstocks pledges US$8.52 million in investment for successful Evtec Group merger

Blackboxstocks Inc., a fintech and hybrid social platform based in Dallas, has announced that it has successfully formulated an SEC deal with the U.K.-based Evtec Group. This is the first step toward completing the planned merger between the companies. The merger will involve Blackbox, Evtec Group Limited, Evtec Aluminium Limited, and Evtec Automotive Limited, as declared on April 17.

The CEO of Blackbox, Gust Kepler asserted in a dialogue: “This agreement is an important first step in our merger plan with Evtec and demonstrates the strong financial commitment that both companies have to complete it. In parallel, we are continuing to build our core business in the fintech sector,”

“We believe this dual strategy will provide maximum value for our shareholders by allowing them to participate in the continued operations of Blackbox in addition to the explosive EV and luxury automotive parts sector served by Evtec,” Kepler added.

Blackbox will exchange 2.4 million Series B Convertible Preferred Stock for 4,086 newly issued preferred shares from Evtec Group. The Series B stock has no voting rights and can only be converted with stockholder approval.

Evtec's preferred shares can be converted into common shares on a one-to-one basis before or during the merger. This will increase Blackbox's stockholders' equity by U$8.52 million and meet the minimum requirement to stay listed on The Nasdaq Capital Market.

The Chairman and CEO of Evtec, David Roberts mentioned in a comment: “We are equally enthusiastic about making this initial investment with Blackbox as we move towards completion of our merger. Evtec has a substantial order book of over $500 million and a number of acquisition opportunities that we believe the combination of Evtec and Blackbox can help us realize.”

Evtec Group is the mother concern of Evtec Automotive Limited and is also associated with Evtec Aluminium. While Evtec Aluminium was not directly included in the SEC agreement, it will be tagged in the next merger. Evtec simplifies the process for auto manufacturers by providing high-quality aluminium car parts, thereby saving time and increasing manufacturing prowess.  

Evtec’s pick and pack service provides kitting and fulfilment for non-automotive businesses, alongside supplying generic automotive components. The Group mainly onboards revered clients and has a knack for luxury brands. Its biggest customer is the Jaguar Land Rover Group.

On the other hand Blackboxstocks is a real-time proprietary analytics provider and news curator for traders of all kinds in the stock and options market.