On April 4, 2024, Quisitive Technology Solutions, Inc. completed the sale of its BankCard USA Merchant Services Inc. business unit. Pursuant to the terms of the transaction, the consideration received by Quisitive for the sale of BankCard included: (i) US$40 million in cash; (ii) the return of 133,095,158 common shares of Quisitive to be cancelled shortly following the completion of the transaction; and (iii) delivery by the former vendors of BankCard of a settlement agreement releasing Quisitive of any and all obligations to pay a US$10 million earnout payment.
Cassels acted for Quisitive.