Cuentas Inc. (NASDAQ: CUEN) witnessed a notable upswing of 9.40% during after-hours trading on Thursday, reaching a value of $1.28. The preceding regular trading session saw Cuentas (CUEN) stock price experience a decline of 5.65%, settling at $1.17. The resurgence in the stock’s performance during the extended trading period was prompted by a strategic equity initiative undertaken by CUEN.
World Health Energy Holdings, Inc. (WHEN), an OTC Pink-listed company specializing in telecommunications and cybersecurity, has made a significant announcement regarding a binding letter of intent. The majority shareholder of WHEN Group has initiated discussions with Cuentas, a key move that could reshape the landscape of both companies.
This groundbreaking development centers around a proposed share exchange transaction. However, its execution is contingent upon several key factors: Nasdaq approval, consent from shareholders, and the fulfillment of specific conditions. Once finalized, this transaction will result in WHEN Group transforming into a majority-owned subsidiary under Cuentas’ umbrella.
The transition holds great promise, particularly in the realm of cybersecurity. Cuentas intends to seamlessly integrate WHEN Group’s state-of-the-art cybersecurity solutions into the Cuentas Mobile Platform. Furthermore, WHEN Group’s advanced solutions are set to become available to Cuentas’ partners in the FinTech sector, a move that could potentially redefine industry standards.
WHEN Group’s recent acquisition of CrossMobile, a licensed telecom operator in Poland, marks a strategic pivot towards telecommunications. This move places WHEN Group among the select few licensed telecom operators within the European Union. The synergy between WHEN Group’s expanding telecommunications ventures and Cuentas’ mobile financial services sector is evident, offering a tantalizing prospect of mutually beneficial collaboration.
As part of this exchange, the principal shareholder of WHEN Group, UCG, Inc., will trade its 75% stake for common shares of CUEN, equivalent to 50% of Cuentas’ total issued and outstanding capital, under a fully diluted basis at the time of issuance. Following the transaction’s completion, WHEN Group will emerge as a majority-owned subsidiary of Cuentas, indirectly held through UCG’s holdings.
In anticipation of this change, the leadership of WHEN Group is committed to devising a comprehensive business plan, delineating financial sources and utilization, and nurturing the growth of WHEN Group’s operations, including the seamless integration of WHEN Group and Cuentas’ product offerings.
