Midpoint Holdings (TSE:MATE) has released an update.
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Blockmate Ventures Inc has completed the divestiture of its Midpoint business, which is expected to reduce its annual net cash outflows by about $500,000, and has terminated the acquisition of BESS Power Innovation Corporation, incurring no related costs. Meanwhile, Hivello Holdings Ltd, where Blockmate holds a 67% stake, secured financings totaling US$2.5 million, suggesting a valuation for Blockmate’s interest at approximately US$6.7 million. These strategic moves will enable Blockmate to concentrate on growing Hivello and seeking new investment opportunities.
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