Akerna Terminates The Agreement To Sell Its Software Assets To POSaBIT

POSaBIT Systems Corporation POSAF PBIT announced the receipt of a notice of termination from Akerna Corp. KERN in connection with the company’s previously announced definitive agreement to acquire MJ Platform, Leaf Data Systems and Ample Organics. The notice states that Akerna has determined that a third party proposal for the acquired companies is reasonably likely to result in a superior offer under the definitive agreement.

After considering all relevant circumstances, the POSaBIT board and management unanimously agreed not to increase its offer to match the alternative offer.

The notice does not impact the commercial agreements in place between MJ Freeway and POSaBIT relating to various matters, including a payments services referral agreement which grants POSaBIT certain exclusive rights to provide payment processing services (including the newly acquired suite of Hypur payment products) to MJ Freeway merchants.

POSaBIT announced earlier this week that it had acquired payments and compliance solutions provider Hypur for $7.5 million, adding over $100 million in annualized payment gross merchandise value.

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