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SMX to become Majority Stakeholder in True Gold Consortium

DENVER, Colo., Oct 10, 2023 (www.247marketnews.com)- SMX (Security Matters) PLC (NASDAQ: SMXW) has signed an agreement, last week, with privately held True Gold Consortium, to acquire an additional 7.5% equity stake, which brings SMX’s common share holdings in TrueGold to 51.9% and diversifies SMX’s operations into TrueGold’s R&D and revenue commercialization. SMX’s software technology is powered by a Distributed Ledger blockchain, representing a transformative stride towards ensuring traceability and security across the gold value chain. The transaction’s unaudited valuation is based on an October 2021 assessment, which appraised TrueGold’s worth between US$78.5 million and US$90 million, using the mean value of US$84.3 million.

SMX is trading at $3.20, up $1.50 (+88.24%), up 4.44M premarket shares traded.

Its 52-week range is $1.20 to $104.72. It hit its 52-week low last week and making a huge move, so be aware that a lot of companies use these moves to set up potential funding announcements and that wouldn’t be shocking here.

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