NASDAQ-listed company Solowin Huaying Dongfang $SWIN has acquired stablecoin infrastructure provider AlloyX for $350 million in an all-stock deal.


The shareholders of AlloyX, including the founding team and strategic investors, have signed a 12-month lock-up commitment to ensure the stability of core technology and the team.
If AlloyX reaches valuations of 600 million and 1 billion dollars within 24 months, Solowin CEO Peter Lok can receive an additional incentive of 5 million dollars respectively.
After the announcement, on September 3rd (Wednesday) Eastern Time, Solowin's stock price plummeted over 39%, closing at $2.57, with a market value dropping to $146 million.
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