- SRAX moving BIGtoken to separate publicly-traded company through definitive share exchange with Force Protection Video Equipment Corp
- BIGtoken compensates over 16 million users for data which marketers access for fee
- Malcolm CasSelle appointed CEO of BIGtoken following tenure on SRAX’s board of directors
- BIGtoken spinoff allows SRAX to focus on rapid growth of Sequire platform
SRAX (NASDAQ: SRAX), a financial technology company that unlocks data and insights for publicly traded companies, recently announced that BIGtoken, its proprietary platform that empowers Internet users to control and profit from their data, will become a separate publicly-traded company with Malcolm CasSelle as CEO. Spinning off the platform as a separate company is expected to benefit SRAX with potential upsides while reducing costs, enabling the company to focus on Sequire, its highly successful SaaS data analytics platform geared towards the investment industry.
Subject to certain closing conditions, the definitive share exchange agreement between SRAX and Force Protection Video Equipment Corp (NASDAQ: FPVD) is expected to exchange all of the outstanding equity of BIGtoken for 88.9% of the issued and outstanding shares of FPVD. SRAX’s founder and CEO Christopher Miglino will serve as chairman of the new entity and SRAX board member Malcolm CasSelle has been appointed as CEO.
“BIGtoken has experienced wide adoption from some of the largest marketers in the world and is ready to be on its own. This move will allow SRAX to stay laser focused on the rapid growth of the Sequire platform,” said Miglino in recent statements (https://ibn.fm/qToVO). “Our focus is to get SRAX to profitability, and this move, combined with our significant growth in Sequire, gets us much closer.”
CasSelle brings an extensive range of expertise to BIGtoken, comprised of over 20 years of leadership in several digital media startups, including SVP & GM roles at SeaChange International, a tenure as president at Tribune Publishing, CEO of Timeline Labs, and GM of Groupon’s joint venture with Tencent in China. His seven years on SRAX’s board of directors make him a powerful addition to the executive suite, stemming from experience that spans BIGtoken’s inception straight through to its present-day success.
“I’m thrilled to join BIGtoken as CEO. I’m deeply committed to BIGtoken’s mission and values and believe the company is in a great position to quickly grow its userbase and consequently expand its roster of advertisers,” noted CasSelle (https://ibn.fm/GpdcJ). “Our work ahead is promising. BIGtoken is already working with large brands and agencies and we look forward to helping more brands find and engage their target audiences with our platform.”
The BIGtoken platform empowers brands to unlock the power of data by giving them the ability to target and access specific niche groups across 25,000 unique market segments. Over 16 million users provide that data through compensation agreements that reward them with cash or gift cards when they opt in to give access to their data.
For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX