Majic Acquires 26% Stake In Bamboo Wellness

Majic Wheels Corp. MJWL has closed the acquisition of a 26% equity stake in Bamboo Wellness Holdings Limited.
The transaction valued at $26 million is being funded partly by cash and new shares of Majic, providing a post-money valuation of Bamboo at $126 million.
Majic also holds an option to exercise the First Right of Refusal to increase the interest of Majic in Bamboo to 51% based upon the same terms.
Bamboo will continue to be led by CEO Vincent Kwo and its existing senior leadership team and continue to operate as a separate company.
Price Action: MJWL shares are trading lower by 3.86% at $0.080 on the last check Monday.