We are excited to announce a Management Buyout (MBO) from our former parent company, publicly listed Advanced Blockchain AG. peaq will now operate independently of Advanced Blockchain AG, as a privately held entity (GmbH).
Advanced Blockchain AG provided a stable environment in which to develop our technology and grow our team. It allowed peaq to reach stability and develop cutting edge technology while being strategically supported and advised.
The primary and most crucial reason behind the MBO is to finally allow peaq to attract and onboard funds and use the funds to scale the business. This was more challenging as part of a publicly listed company. Advanced Blockchain AG will however continue to support peaq and share in its success.
In light of this change peaq will move straight into a funding round where we aim to raise based on the successes of three years of research, development, technological breakthroughs and successful projects with industry leading companies.
The management team would like to say a special thank you to the team for their unwavering dedication and support throughout this process and the years leading up to it. We’re excited to enter this new chapter together.
We would also like to thank our clients, advisors and partners for their patience and support. We look forward to further strengthening already prosperous relationships.
The details of the deal will be finalised over the coming weeks. We’ll be sharing further updates regarding the MBO in due course.