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Monday, May 23, 2022

Merger Causes SRAX to Deconsolidate Bigtoken’s Financials

Westlake Village-based fintech company SRAX Inc. announced that it will no longer include the financials of Bigtoken following the survey app’s merger with BritePool.

The merger agreement between Bigtoken and BritePool occurred in late September in an all-stock transaction.

With the merger’s completion, SRAX is no longer obligated to consolidate Bigtoken into its financials. SRAX’s Bigtoken position will appear as an investment on its balance sheet with a value of approximately $4 million and will be adjusted on a quarterly basis to mark the position to market.

“We incubated Bigtoken and provided the infrastructure for Bigtoken so they can be their own company,” Christopher Miglino, SRAX’s chief executive, said in a statement. “The management team is one of the best in the industry and we look forward to them achieving the vision of consumers owning their own data.”

Shares of SRAX (SRAX) closed up 8 cents, or 1.6 percent, to $5 on the Nasdaq Thursday, a day when the market closed up a fraction of a percent.

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