Arax Holdings Corp. (ARAT) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On February 1, 2024, Darius Capital and Arax Holdings launched a joint venture named Newco, aiming to create a blockchain-based asset management system, particularly for senior life securities. With an initial financing goal of $10 million, and $3.5 million earmarked for development and operating costs, the two companies will equally manage Newco from Seattle, WA. They will contribute intellectual property and assets, with provisions for further investments and regular meetings to ensure the venture’s success. The partnership is detailed in a Material Definitive Agreement, informing stakeholders of the collaboration’s intentions and structure.
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For a comprehensive understanding of the announcement, you can read the full document here.
