The TSX Venture Exchange has accepted for filing documentation pertaining to a stock purchase agreement dated March 27, 2024, among Quisitive Technology Solutions Inc., Quisitive Payment Solutions Inc. (the seller), a wholly owned subsidiary of the company, and a special-purpose vehicle (the buyer) formed by several purchasers, whereby the company sells to the buyer all of the outstanding capital stock of Bankcard USA Merchant Services Inc., a California corporation, that the company beneficially owns.

According to the terms of the agreement, in consideration for the transaction, the company will:

• Receive approximately $40-million (U.S.) in cash, subject to customary adjustments following the closing;
• Receive and cancel 133,095,158 common shares of the company held by the purchasers;
• Be released from all obligations to pay a $10-million (U.S.) earnout payment plus accrued interests, as provided pursuant to the terms of a stock purchase agreement dated March 29, 2021, between the company, a wholly owned subsidiary of the company, and certain purchasers.

The transaction is a non-arm's-length transaction. The finder's fee is payable in cash to William Blair & Company LLC. Please refer to the company's news release dated April 4, 2024, for details on the finder's fee.

For further details, please refer to the company's news releases dated March 27, 2024, and April 4, 2024.