News Column

SYMBID CORP. FILES (8-K) Disclosing Other Events

June 12, 2014



Item 3.02 Other Events

On June 6, 2014 we determined not to proceed with the purchase of additional shares of Gambitious B.V., a Netherlands private limited liability corporation in which we presently hold an indirect 12% ownership interest. As a consequence thereof, the 5,000,000 shares of our common stock allocated to the prospective purchase of additional shares delivered into escrow in connection with our December 6, 2013 Share Exchange Agreement with Symbid Holding, B.V. and the shareholders of Symbid Holding B.V. will be returned to us and cancelled. 600,000 of the shares of our common stock allocated to our 12% ownership interest in Gambitious B.V. will be distributed to the shareholders of Symbid Holding B.V., subject to a 5% holdback to further secure the indemnification obligations of the Symbid Holding, B.V. shareholders under the Share Exchange Agreement. In February and May 2014 we sold shares in Gambitious B.V. to third parties reducing our indirect ownership interest in Gambitious B.V. from 18% to 12%. As a consequence thereof, 300,000 shares of our common stock held in escrow allocated to the sold off interests will be returned to us and cancelled.

On June 6, 2014 we also entered into an Extension Agreement with Equidam Holding B.V., a Netherlands private limited liability corporation, pursuant to which we were granted the right, for an additional 3 months, through September 9, 2014, to negotiate the purchase of additional shares of Equidam Holding B.V. We presently hold an indirect 9% ownership interest in Equidam Holding B.V.

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Source: Edgar Glimpses


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