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Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2024 Financial Results

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NEW YORK, Aug. 19, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, today announced its unaudited financial results for the Second Quarter ended June 30, 2024.

Financial Highlights for the Second Quarter of 2024

Total revenue was $29.0 million for the Second Quarter of 2024, a 220% increase compared to the Second Quarter of 2023. The increase was primarily driven by the commencement of our high performance computing services (“HPC”) business and by a higher realized bitcoin price.Revenue from bitcoin mining was $16.1 million for the Second Quarter of 2024, an 80% increase compared to the prior year’s quarter. The Company’s HPC recognized $12.5 million of revenue during the quarter compared to nil the prior year.The Company had cash, cash equivalents and restricted cash of $61.4 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $191.9 million[1], as of June 30, 2024.Total assets were $315.5 million and Shareholders’ Equity amounted to $295.3 million as of June 30, 2024.Adjusted EBITDA[2] was $(3.8) million for the Second Quarter of 2024 compared to $1.9 million for the Second Quarter of 2023. Adjusted EBITDA includes an $11.5 million unrealized loss on digital assets.GAAP loss per share was $0.09 on a fully diluted basis for the Second Quarter of 2024 compared to a loss per share of $0.03 for the Second Quarter of 2023.

Operational Highlights for the Second Quarter of 2024

The Company earned 244.2 bitcoins during the Second Quarter of 2024, a 23% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty.The Company paid approximately $0.047 per kilowatt hour to its hosting partners for electricity consumed during the Second Quarter of 2024.The average fleet efficiency for the active fleet was approximately 27.9 J/TH as of June 30, 2024.The Company earned 109.4 ETH from native staking in the Second Quarter of 2024.Treasury holdings of BTC and ETH were 585.6 and 27,226.21, respectively, with a fair market value of approximately $36.7 million and $93.5 million on June 30, 2024, respectively.The BTC equivalent[3] of our digital asset holdings as of June 30, 2024 (defined as if all ETH and USDC holdings were converted into BTC as of that date) was approximately 2,082.1 BTC1, or approximately $130.5 million.As of June 30, 2024, we had 50,044 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 4.3 EH/s.The Company’s active hash rate of its bitcoin mining fleet was approximately 2.6 EH/s as of June 30, 2024.The Company purchased approximately 1,146 bitcoin mining units during the Second Quarter of 2024.Approximately 86% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of June 30, 2024. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.The Company had approximately 17,184 ETH actively staked in native staking protocols as of June 30, 2024.In the second quarter of 2024, the Company finalized an agreement to supply its existing customer with an additional 2,048 GPUs over a three-year period. To help finance this operation, the Company entered into a sale-leaseback agreement with a third party, agreeing to sell 128 AI servers (equivalent to 1,024 GPUs) and lease them back for three years. In late July, at behest of the customer, the Company and the customer mutually agreed to temporarily delay the purchase order so that the customer could evaluate potentially upgrading the purchase order to include newer generation Nvidia GPUs. Accordingly, the Company and manufacturer mutually agreed to delay the Company’s purchase pending the contractual outcome with the Company’s customer. The Company expects to provide additional details about the revised deployment timeline in the coming weeks. The Company’s contract with the customer remains fully in effect, but may have to be amended to provide for newer generation GPUs. In early August, the Company received $30.0 million as a non-refundable prepayment from its customer, half of which will be distributed to the Company’s leasing partner.

Subsequent Events

On August 19, 2024, Bit Digital announced that it had signed a binding term sheet with Boosteroid Inc. (“Boosteroid”), the world’s third-largest cloud gaming provider. Upon signing a master service agreement (“MSA”), Boosteroid will place an initial purchase for a starting quantity of GPU servers with a five-year service duration. Bit Digital will provide Boosteroid with options to draw down additional servers in multiples of 100, up to a total of 50,000 GPU servers within five years after signing the MSA, depending on their deployment plans and subject to market conditions. The entire 50,000 GPU deployment represents an aggregate revenue opportunity to Bit Digital in excess of $700 million over the five-year term. The initial purchase includes GPU-servers based on AMD EPYC 4th Gen CPUs and RX7900XT GPUs, customized by ASUSTeK Computer Inc. (“ASUS”) and AMD for Boosteroid. Deployment is planned across a network of more than 10 data centers in the U.S. and Europe. The initial deployment is scheduled to begin over the next two to three months and is expected to generate approximately $13 million in revenue to Bit Digital over the five-year term, or approximately $2.6 million per year. Bit Digital’s entry into a MSA is conditioned upon further diligence of Boosteroid, customary legal and business reviews, internal approvals, and execution of an acceptable MSA.

Management Commentary

“The second quarter of 2024 was an important step in the evolution of Bit Digital. Despite the reduction in block rewards from the April ‘halving event’, our total revenue more than doubled from the prior year, principally aided by the first full quarter of revenue from our HPC services business. Our balance sheet remains a key strength that will enable us to withstand recent market volatility and deploy growth capital into high-return opportunities.

Mining economics remain challenging, and in the absence of a material improvement in expected payback periods for mining equipment, it is unlikely that we will reach our active hash rate target of 6.0 EH/s by year-end 2024. From the onset of the year, we have been cautious in terms of exahash growth, preferring to wait for the post-halving mining environment before enacting material growth. In the interim, we will focus on high grading our existing fleet while reserving the right to make opportunistic growth purchases should the returns profile justify the expenditure.

We continue to view the HPC business as the most attractive use of incremental growth capex in the current environment. Our pipeline remains strong and the main bottleneck to date has been a lack of personnel and man hours to bring contracts to the finish line. We have started to solve this issue, making our first key hire for this business earlier this month with a plan to further expand our personnel and improve our tech stack. Our growth pipeline remains strong, and we continue to believe we will be able to reach our $100 million annualized revenue target by year-end 2024 even if the 2,000 GPU expansion deployment with our existing customer is pushed into 2025.”

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

[1] This figure excludes approximately 2,701 ETH that were transferred to an internally managed fund.

[2] Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items. See disclosure about Non-GAAP Financial Measures on page 24 below.

[3] “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH and USDC, were converted into BTC as of June 30, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. 

 

 

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SOURCE Bit Digital, Inc.

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Investcorp Announces Aggregate Financial Activity for 2026 at Gateway Gulf Investment Forum

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Global investment manager reports US$65.2 billion in assets under management and strong investment and fundraising momentum during the first nine months of 2026

MANAMA, Bahrain, Nov. 1, 2026 /PRNewswire/ — Investcorp, a leading global alternative investment manager, today announced that it recorded US$11.1 billion in aggregate activity across fundraising, capital deployment and exits during the first nine months of 2026, underscoring the continued strength and growth of its global platform.

The announcement, made at Gateway Gulf 2026 in Bahrain, highlights Investcorp’s global investment momentum and its continued commitment to the Kingdom, where it was founded in 1982.

Between January and September 2026, Investcorp raised US$4.8 billion from its global investor base, deployed US$3.7 billion in new investments and recorded US$2.6 billion in exits across its investment businesses. As of September 2026, Investcorp’s total assets under management stood at US$65.2 billion.

During the same period, Investcorp achieved significant fundraising milestones across its North America Private Equity and Strategic Capital platforms, securing more than US$2.3 billion in aggregate commitments.

Mohammed Alardhi, Executive Chairman of Investcorp, said: “Investcorp was founded in Bahrain more than four decades ago, and the Kingdom remains central to our global growth and ambitions. Our continued momentum reflects the strength of our international platform and the confidence of our investors and partners. As we look ahead, we remain committed to connecting global capital with alternative investment opportunities, embracing innovation and contributing to Bahrain’s position as a leading international financial center.”

Key Investment and Innovation Highlights

Investcorp continued to expand its international investment activities during 2026, with significant transactions and milestones across its businesses:

North American Private Equity: Invested in Berger Financial Group, a leading US wealth management platform.US Real Estate: Announced approximately US$800 million in industrial real estate transactions, including acquisitions and exits, alongside a US$200 million acquisition of senior living and multifamily properties across key US markets.Private Equity India: Acquired 20Cube 3PL Solutions, a digital-first contract logistics business, to support its expansion and build a pan-India logistics platform.Private Equity Europe: Invested in Smart Managed Solutions in the UK, and established a new software engineering growth platform with NetRom Software and Trivium Solutions, focused on AI-enabled software development. Investcorp also acquired a majority stake in Connectif, a Spanish provider of AI-powered marketing automation solutions.Private Equity GCC: Acquired a strategic stake in Metra, a regional IT distribution platform, and joined a consortium to acquire Reda Gulf Holding, a leading Saudi-based provider of fire protection, safety, security, and hazard-control solutions.Digital Innovation: Investcorp Wealth, launched in 2024 and developed by the firm’s Bahrain-based teams, has digitally enabled more than US$620 million in capital raising from clients since its launch, demonstrating its international reach and the important role of Investcorp’s Bahrain-based teams in its digital wealth management capabilities.Artificial Intelligence: Launched an AI Investment Framework to identify AI-driven investment opportunities, enhance portfolio performance and support long-term value creation.

These achievements reflect Investcorp’s ability to connect investors with opportunities across North America, Europe, the Middle East and Asia. Investcorp’s participation in Gateway Gulf 2026 reinforces its longstanding commitment to Bahrain and the Kingdom’s role as a gateway for global capital and financial innovation.

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Best Reddit Marketing Agency for Enterprise Brands: Nicely Network Named by Better Business Advice

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NEW YORK, Nov. 1, 2026 /PRNewswire/ — Nicely Network has been named Best Reddit Marketing Agency for Enterprise Brands for November 2026 by Better Business Advice, recognizing its work combining Reddit campaigns, high-authority article placements and search visibility reporting for large brands.

The recognition focuses on enterprise portfolios: matching individual product categories to the questions buyers ask and tracking how published content contributes to discovery across search and AI platforms.

Enterprise Portfolios Require Coverage at the Product Level

For a large brand, search demand spans individual products, use cases, comparison criteria and markets. Nicely Network’s campaign model starts with those distinctions, defining objectives and identifying communities where relevant recommendations are being sought.

Its current materials describe work with 300+ brands, including Fortune 500 companies, across sectors such as technology, retail, finance, travel, beauty and wellness. That range is relevant to enterprise organizations managing several categories, each with its own vocabulary and buying considerations. A furniture query about extension mechanisms, for example, calls for different content from a discussion about outdoor equipment or diagnostic testing.

Category Results Connect Visibility With Buyer Response

The agency’s current media kit and pitch deck present examples across consumer categories, with results reported separately for exposure, website visits and sales:

Furniture: A series of Reddit discussions is credited with $150K in tracked sales, 21,190 clicks to the client’s website and 1M organic discussion views.Outdoor products: The materials report 60K AI mentions per month and 48M monthly AI impressions across seven AI platforms, following growth from near-zero mentions.Health diagnostics: An article placement recorded 16,924 article views and 2,483 clickthroughs.

These examples show different stages of response. Mentions indicate brand presence in AI answers, views record content exposure, and clicks capture visits beyond the published content. Tracked sales provide a separate commercial measure.

Evidence Behind the Best Reddit Marketing Agency for Enterprise Brands Selection

Across its work, Nicely Network reports 15,000+ AI citations and $150M+ in tracked sales revenue. Its pitch deck also reports 8,000+ Reddit discussions and 160M+ discussion views. These are agency-reported portfolio figures, alongside the category examples presented in its materials.

The Best Reddit Marketing Agency for Enterprise Brands recognition centers on the relationship between campaign scale, category relevance and measurable response. Enterprise coverage requires a process that can connect specific buying questions to content and reporting across a broader portfolio.

“Every product category brings its own buying questions,” said a spokesperson for Nicely Network. “The planning task is to connect those questions to useful content and then measure which discussions and articles contribute to discovery.”

From Buyer Questions to Reddit and Article Placements

Campaign planning begins with an objective, such as supporting a product launch, increasing AI visibility or driving conversions. The team then identifies relevant subreddits and develops discussions around high-intent search queries, with brand mentions introduced in the context of the topic.

Nicely Network pairs this Reddit activity with high-authority article placements. Those articles address category keywords and buyer questions while presenting product information and links that readers can follow to the brand’s website.

The combined approach gives a campaign multiple content formats for the same area of demand. A discussion can explore practical buying considerations through questions and replies, while an article can organize category information into a structured explanation.

How Searchable Content Can Enter AI Answers

Nicely Network operates as a Reddit marketing and AI-SEO agency. Its generative engine optimization, or GEO, and LLM optimization work addresses brand discoverability across ChatGPT, Google Gemini, Google AI Overview and Perplexity.

The strategic premise is that relevant, publicly accessible discussions and articles create source material that search-enabled AI systems may retrieve when answering related questions. Their text connects a brand with specific products, attributes and use cases. Google’s guidance states that a page must be indexed and eligible for a search snippet to appear as a supporting link in its AI search features.

This makes the substance of each page relevant to the campaign: its usefulness depends on how clearly it addresses the query and explains the product’s role in that category.

Reporting Separates AI Visibility From Commercial Response

The agency’s reporting framework covers AI mentions, citations, impressions and share of voice, alongside screenshots of discussions and articles ranking for targeted Google searches. Content reporting includes views and engagement, with clickthroughs, conversions and sales tracked through affiliate links or UTM parameters where available.

Ongoing updates identify performing content during the campaign, followed by a detailed report. For enterprise teams, these measures support decisions about which categories and queries need further coverage. They also distinguish a brand’s appearance in an AI answer from a visit or purchase attributed through a tracking link.

Enterprise Engagements Across Products and Markets

The current materials recommend engagements of 3 to 12 months, with a recommended monthly investment of $15,000 to $30,000. Campaign scope is based on keyword targets, product categories and the mix of Reddit discussions and article placements.

Custom enterprise engagements are available for agencies managing multi-brand portfolios and for large brands seeking coverage across multiple categories or markets. This structure allows objectives, content priorities and reporting to be planned around the portfolio’s requirements.

Better Business Advice’s November selection of Nicely Network as Best Reddit Marketing Agency for Enterprise Brands reflects that enterprise focus: category-specific content, coordinated publication across Reddit and high-authority websites, and reporting that connects visibility with trackable customer response.

To read the full report: https://betterbusinessadvice.com/best-reddit-marketing-agency-enterprise-brands

About Nicely Network
Nicely Network is a Reddit marketing and AI visibility agency providing Reddit campaigns, AI-SEO article placements and performance reporting. The agency works with brands, including Fortune 500 companies, across consumer and business categories. Enterprise engagements support multi-brand portfolios and coverage across product categories and markets.

Learn more at nicelynetwork.com or get in touch with Partnerships Director Mary Cooper at mary@nicelypromoted.com.

About Better Business Advice
Better Business Advice publishes business guidance, articles and resources covering topics including company formation, trademark registration and business banking. Its content helps entrepreneurs and business owners assess services and make informed decisions about running and growing their businesses.

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SOURCE BetterBusinessAdvice.com

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Affle to acquire Perion, to scale its CPCU business across Developed markets

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Perion shareholders to receive US$ 11.70 per share

The deal values Perion at an implied Equity value of ~US$ 420 million

Combined business strengthens AI-powered consumer conversions, expands global scale, delivers measurable ROI for advertisers and sustained long-term value creation

GURUGRAM, India, Nov. 1, 2026 /PRNewswire/ — Affle 3i Limited (BSE: 542752) (NSE: AFFLE), a global technology company that delivers premium consumer conversions for advertisers with its verticalized AI-powered Consumer Platform, today announced that its Israel-based step-down subsidiary, Affle 3iL Ltd. (“Affle”), has signed a definitive agreement to acquire all outstanding shares (including unvested equity awards as per vesting schedule) of Perion Network Limited (“Perion”) (NASDAQ: PERI) (TASE: PERI) at US$ 11.70 per share in an all cash transaction for an implied equity value of ~US$ 420 million. 

Affle has an established track record of acquiring and successfully transforming businesses, complementing its organic growth journey with strategic acquisitions. Our approach focuses on identifying businesses that complement our capabilities, expanding our access to customers and markets, and using our tech to seamlessly integrate their strengths into our broader platform ecosystem. By leveraging our AI-powered Consumer Platform Tech Stack, proprietary audience intelligence and differentiated cost per converted user (“CPCU”) business model, we have successfully transformed acquired businesses to unlock high value strategic outcomes and ROI for customers, expanded margins through tech and data synergies, and created long-term value for our shareholders with disciplined execution delivering over 20% annual organic growth and over 20% EBITDA consistently.

Perion is an Israeli technology company headquartered in Tel Aviv, with a strong North American footprint and dual listings on NASDAQ and the Tel Aviv Stock Exchange. It is an AI-powered tech stack providing omnichannel advertising solutions across Retail Media, Connected TV (CTV), DOOH and other digital channels. Over the last three years, the company has undergone a significant transformation, completing three strategic acquisitions and unifying these expanding segments under its Perion One platform.

On completion of the transaction, Affle will be a significant global omnichannel platform delivering premium use cases for driving consumer conversions for thousands of advertisers across diversified industry verticals in 100+ countries. The acquisition underscores Affle’s continued commitment to expanding its global footprint, strengthening its technology capabilities and creating sustainable long-term value for its stakeholders.

The proposed acquisition builds on this robust foundation, bringing together Perion’s established presence, including in all upper funnel digital advertising channels in developed markets with Affle’s leadership in deeper funnel mobile marketing and AI-powered performance-led consumer conversions in emerging markets. This will strategically transform and materially expand the total addressable market opportunity for our CPCU business globally. Affle’s CPCU model powered verticalised solutions will be able to drive premium consumer conversions with CTV to Cart and DOOH to Cart based retail commerce outcomes for Perion’s advertisers campaigns.

Commenting on this development, Anuj Khanna Sohum, the Chairperson, MD and CEO of Affle said, “We are excited to welcome the Perion family on board as we continue to strengthen the foundations of our AI-powered Consumer Platform Tech Stack. Through this acquisition, we are bringing together our highly complementing tech capabilities, innovation culture and unique IP to global scale. The combination of Affle’s strong leadership in mobile marketing with Perion’s established presence across Retail Media, CTV, DOOH and other digital channels will enable us to drive greater synergies across the omnichannel consumer journey on intelligent connected devices. With our integrated capabilities, we see opportunities to unlock greater ROI for advertisers and publishers alike, while driving global scale for premium consumer conversions across industry verticals such as e-commerce, retail and healthcare. This is an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision.”

Adding to this, Tal Jacobson, CEO of Perion said, “Over the past several years, we have transformed Perion into a differentiated advertising technology company, driven by the strength of our team, technological innovation, and our focus on measurable business outcomes for advertisers. Through Perion One and our Outmax AI agent, we continue to advance how advertising performance is executed and optimized across channels to ensure the best ROI on media investments for our customers. Our agreement with Affle marks an important milestone for Perion. Affle has established a strong position in mobile performance, supported by an experienced team, global reach, and a focus on measurable results. We see significant potential in bringing these complementary capabilities together to create new opportunities for brands, agencies, and media owners worldwide. Throughout this process, our focus remains on executing our strategy, supporting our people, and delivering for the customers and partners who rely on us.”

The transaction has been approved by the Boards of Directors of both Affle and Perion and is subject to closing conditions, including receipt of required regulatory approvals and approval by Perion shareholders. This agreement provides for a go-shop period for Perion before seeking shareholders’ approval.

Transaction Summary

Affle will acquire 100% of Perion’s issued and outstanding shares including unvested equity awards as per vesting schedule for an equity value of ~ US$ 420 million.Perion does not have any financial debt. As on September 30th, 2026, it had a cash balance of ~US$ 228 million.As Perion is publicly held, the transaction costs and related expenses would be recorded by Affle in its opening balance sheet.Affle plans to fund the acquisition through a combination of committed financing from banks and available cash resources.The transaction will be effected by way of a reverse triangular merger, pursuant to which a wholly-owned subsidiary of Affle will merge with and into Perion, with Perion surviving the merger as a wholly-owned subsidiary of Affle. Upon closing, Perion’s ordinary shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange. Perion will continue to operate under the Perion brand.The transaction is expected to close in early 2027, subject to closing conditions, including regulatory and Perion’s shareholder approval.Affle would be net debt free immediately post this acquisition and with a FY2028 revenue run rate of over US$ 700 Mn.

Post acquisition, we expect to update Perion’s revenue recognition in view of the planned CPCU strategic transformation including review of business contracts leading to a significantly improved bottom line performance based on the immediate strategic synergies. We expect our complementary technologies, planned business model transformation and disciplined focus on profitability to drive sustainable growth to make this acquisition accretive to earnings per share (“EPS”) by the end of 1st year following closing.

Advisors and Financing Banks

LUMA Partners LLC is serving as the financial advisor to Affle.

Barnea Jaffa Lande & Co. is serving as the legal advisor to Affle for this transaction.

CitiBank is serving as the financing bank to Affle.

About Affle

Affle 3i Limited is a global technology company enabling verticalized AI-led consumer conversions for advertisers globally, powered by the differentiated CPCU business model across Mobile, CTV and other agentic/autonomous intelligent connected devices (AICDs).

Affle 3i Consumer Platform enables advertisers to optimize targeting, personalize user engagement and maximize ROI by combining proprietary data, deep audience intelligence and advanced agentic AI capabilities. With innovative technology integrations, Affle maximizes user engagement at every stage of the consumer journey across connected devices with algorithms that go beyond automation and efficiency to deliver next-gen experiences through deep human-vs-non-human data distillation. Affle 3i Limited is listed on the NSE (AFFLE) and BSE (542752).

For more information, visit – www.affle.com

About Perion

Perion is an advanced technology leader redefining advertising through AI-native infrastructure, delivering real-time media execution across CTV, digital out-of-home, commerce and retail media, social and digital environments. Powered by Outmax, the company’s proprietary AI Agent, Perion helps brands, agencies, and retailers optimize spend and performance, driving measurable outcomes at scale.

For more information, visit www.perion.com 

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the applicable securities laws, including statements regarding the proposed acquisition of Perion Network Limited (“Perion”) by Affle 3i Limited (“Affle”), the expected timing and completion of the transaction, the anticipated benefits of the transaction, the proposed merger of an Affle subsidiary with Perion, with Perion surviving as a subsidiary of Affle’s subsidiary, and the anticipated delisting of Perion’s securities from the Nasdaq Stock Market (“NASDAQ”) and the Tel Aviv Stock Exchange (“TASE”). Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” “will” or “would,” or the negative of these terms or other similar expressions. These statements are based on current expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks include, but are not limited to: (i) uncertainties as to the timing of the transaction; (ii) the risk that the transaction may not be closed  on the anticipated terms in a timely manner or at all; (iii) the failure to satisfy any of the closing conditions to the consummation of the transaction, including receiving, on a timely basis or otherwise, the required approval of Perion’s shareholders; (iv) the possibility that competing offers or acquisition proposals for Perion will be made and that can affect the consummation/completion of the deal; (v) the possibility that any or all of the various closing conditions to the consummation of the transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement, including in circumstances which would require a party to pay a termination fee; (vii) the effect of the announcement or pendency of the transaction on Perion’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (viii) risks related to diverting management’s attention from Perion’s ongoing business operations; (ix) the risk that shareholder litigation in connection with the transaction may result in significant costs of defence, indemnification and liability; (x) certain restrictions during the pendency of the transaction that may impact Perion’s ability to pursue certain business opportunities or strategic transactions; (xi) the risk that any announcements relating to the transaction could have adverse effects on the market price of Perion’s securities, including if the transaction is not consummated; (xii) risks that the benefits of the transaction are not realised when and as expected; (xiii) legislative, regulatory and economic developments, including those affecting the proposed delisting of Perion’s securities from NASDAQ and the Tel Aviv Stock Exchange; and (xiv) other factors discussed in the “Risk Factors” section of Perion’s most recent periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 20-F and subsequent reports filed with the SEC, all of which may be obtained free of charge from the SEC’s website at www.sec.gov.

Although Affle and Perion believe that the expectations reflected in their forward-looking statements are reasonable, neither can assure that those expectations will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by Affle or Perion on their respective websites or otherwise.

Neither Affle nor Perion undertakes any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed acquisition and merger pursuant to the definitive agreement entered into by the relevant entities in connection with the transaction. In connection with the transaction, Perion may be required to file relevant materials with the SEC and other applicable regulatory authorities, depending on the applicable legal and regulatory requirements.

Investors and shareholders of Perion are urged to read all relevant documents filed with the SEC and other applicable regulatory authorities, including any transaction-related documents or shareholder solicitation materials, when they become available, because they will contain or may contain important information about Affle, Perion and the transaction and related matters.

Investors and shareholders of Perion will be able to obtain documents filed with the SEC, when available, free of charge from the SEC’s website at www.sec.gov, and through Perion’s investor relations website, if made available there. Information regarding filings and announcements made by Affle will be available through the relevant Indian stock exchanges and Affle’s website.

Participants in the Solicitation

Perion and its directors, executive officers and other members of management and employees may, under applicable SEC rules, be deemed to be participants in any solicitation of proxies or other shareholder approvals in connection with the proposed transaction, to the extent applicable.

Information about Perion’s directors and executive officers will be set forth in the relevant transaction-related filings or shareholder solicitation materials, if and when filed. To the extent holdings of Perion’s securities by its directors or executive officers have changed since the amounts set forth in its most recent relevant filings, such changes may be reflected in the applicable beneficial ownership or other filings with the SEC, which are available at www.sec.gov.

Additional information concerning the interests of any participants in the solicitation, which may, in some cases, be different from those of Perion’s shareholders generally, will be set forth in the relevant transaction-related filings or shareholder solicitation materials when available. Affle is not soliciting Perion’s shareholders and is not a participant in Perion’s proxy solicitation.

Contact

Investor Relations:
Harshit Talesara
investor.relations@affle.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/affle-to-acquire-perion-to-scale-its-cpcu-business-across-developed-markets-302925764.html

SOURCE Affle

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