SMC Entertainment, Inc. (OTCPK:SMCE) entered into a letter of intent to acquire Chaintrade LTD from Red Matter Capital LLC and Plato Technologies Inc. on May 8, 2024. After closing we plan on re-branding our AI component, as FYNN AI We look forward to introducing FYNN as a new, next generation learning and research AI designed to help you trade smarter. SMC has agreed to acquire ChainTrade, and looks forward to completing the necessary due diligence to close this acquisition quickly as the Platform is ready for commercial launch.

On May 30, 2024, SMC Entertainment, Inc. (OTCPK:SMCE) entered into an Acquisition Agreement to acquire Chaintrade LTD from Red Matter Capital LLC and Plato Technologies Inc. Under the terms of the Acquisition Agreement, the Company will purchase the ChainTrade Assets in exchange for a £6.4 million ($8 million) promissory note, with a term of 18 months, and a 5% interest rate. The Note is convertible into shares of the Company?s Common Stock at £8.0 ($1) per share. The Company has also committed to provide total working capital of £0.4 million ($0.5 million) in tranches, over 18 months.

Upon the closing, Paul Couture, CEO of ChainTrade, will be appointed as the Company?s Chief Technology Officer, and ChainTrade may appoint 1 new member to the Company?s Board of Directors. The closing of the Acquisition is pending the completion of customary due diligence by both parties, which is expected to be completed within 30 days.