Animoca Brands to acquire blockchain fitness company Lympo
17 December 2020: Animoca Brands Corporation Limited (“Animoca Brands” or the “Company”) is pleased to advise that it has entered, via its wholly owned subsidiary Animoca Brands Limited, into a share purchase agreement to acquire 100% of Latgala OÜ, commonly known as Lympo, from the shareholders of Lympo (the “Sellers”) for an upfront consideration of US$1.38 million (“the Acquisition'').
Lympo is a company that operates a blockchain platform to motivate people to lead healthier lives by rewarding users with Lympo Tokens (LYM) when they exercise using Lympo mobile app. LYM can be bought or sold on various cryptocurrency exchanges or used directly to purchase sporting goods on the Lympo Shop. Lympo has approximately 300,000 users, located primarily in the U.S. and South Korea, and a social media base of over 75,000 followers.
Lympo is one of the first blockchain apps in the world to partner with the Samsung Blockchain Wallet, which provides seamless transfer and storage of LYM tokens. In 2019, Lympo was featured in the Silicon Valley Samsung Developers Conference as one of the first blockchain projects collaborating with the Samsung Blockchain Wallet. Lympo also hosted a Healthy Habit Month in cooperation with Samsung Health in the U.S. in November 2019 to inspire thousands of users to build healthy habits.
Through the Acquisition, Animoca Brands will obtain all LYM held by Lympo. At the time of writing, LYM has a price of US$0.002902 (obtained from CoinMarketCap) and has a market capitalization of approximately US$2.4 million. There are over 75,000 holders of LYM tokens at present. LYM is currently paired with Bitcoin (BTC) and ether (ETH) on Huobi Global; with BTC, ETH, and Tether (USDT) on KuCoin; and with BTC, ETH, and USDT on Gate.io. LYM can also be traded on GOPAX using South Korean won, as well as on Bitfinex using US dollars.
Upon acquiring Lympo, Animoca Brands will work to support LYM within its existing token ecosystems including the REVV Token, the utility token for blockchain motorsports that powers F1® Delta Time and the upcoming games based on MotoGP™ and Formula E. Animoca Brands will also leverage Lympo’s existing partnerships, customers, and token holders to grow engagement for sports-related NFT collectibles. Among various other post-acquisition initiatives, Animoca Brands and Lympo will work on the production of a gamified “hero” collectible system that will tokenise accomplished athletes; the collectibles will be obtainable and upgradeable using LYM.
The Company, via its wholly owned subsidiary Animoca Brands Limited, has acquired 100% of the issued and outstanding share capital of Latgala OÜ (“Lympo”) from the Sellers for an upfront consideration of US$1.38 million, payable in shares of Animoca Brands based on a price per share of the higher of A$0.25 or the market price of the shares as of the closing date of the Acquisition.
If Lympo achieves certain revenue milestones during the one-year period following the closing date of the Acquisition, Animoca Brands will pay the Sellers up to US$1.5 million earnout payments, payable in cash or shares of Animoca Brands, at the Company’s sole discretion. If Animoca Brands elects to make the earnout payments by shares, the shares of the Company will be based on a price per share of the higher of A$0.25 or the 14-day volume weighted average price of shares of Animoca Brands as of the date when the calculation period for the revenue milestones ends.
Lympo is building a digital platform with the aim to reward people for exercising and leading healthier lives. With the help of blockchain technology and fitness gamification, users are rewarded through the Lympo app for completing fitness-related challenges and tasks by receiving LYM tokens, which are used to purchase sports and wellness products or services. All of this in one convenient platform. Learn more at Lympo.com or get updates on Twitter.
About Animoca Brands
Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain, gamification, and artificial intelligence technologies to develop and publish a broad portfolio of products including the REVV token, games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes, as well as products utilizing popular intellectual properties such as Formula 1®, Marvel, WWE, Garfield, Snoopy, Thomas & Friends™, Power Rangers, MotoGP™, Formula E, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, United States, South Korea, Finland, Argentina, and the Czech Republic. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.