JanOne to acquire Delaware-based blockchain innovator ALT 5 Sigma

JanOne Inc. (Nasdaq: JAN), a key player in the technology sector, has reached a definitive agreement to acquire ALT 5 Sigma Inc., a Delaware-based pioneer in blockchain financial technologies. This significant acquisition, set to close the week of May 13, 2024, involves the issuance of 1,799,100 shares of JanOne‘s common stock and 34,207 shares of its Series B non-convertible, non-redeemable preferred stock to ALT 5’s former stockholders.

Founded in 2018, ALT 5 Sigma has been at the forefront of developing next-generation blockchain-powered technologies. With products like ALT 5 Pay and ALT 5 Prime, the company has revolutionized the way global merchants and consumers engage with cryptocurrency payments and trading.

The acquisition is seen as a strategic expansion for JanOne Inc., enhancing its capabilities within the rapidly growing payment processing solutions market, which is projected to expand significantly by 2030. Tony Isaac, President and CEO of JanOne Inc., emphasized the competitive edge ALT 5 Sigma brings to the table, particularly in reducing risks and eliminating costly credit card charge-backs.

Andre Beauchesne, President of ALT 5 Sigma, expressed enthusiasm about joining a publicly traded company, highlighting the growth opportunities facilitated by JanOne’s management team and public listing. Both leaders are optimistic about leveraging existing platforms and exploring new avenues for expansion.

This acquisition reflects a strategic move by JanOne to strengthen its position in the evolving financial technology space, particularly in blockchain and digital payment solutions. ALT 5 Sigma’s integration into JanOne is likely to accelerate innovation and scalability, offering promising prospects for stakeholders.