WILMINGTON, DE — Onfolio Holding Inc. (Nasdaq: ONFO, ONFOW; OTC: ONFOP) has terminated its planned strategic combination with Paramount Helium LLC after determining that several required closing conditions were unlikely to be satisfied, ending the company’s proposed expansion into the industrial gas sector.
The companies mutually agreed to terminate the previously announced binding letter of intent after due diligence and financing milestones outlined in the proposed transaction were not achieved, Onfolio stated.
Among the unmet conditions were Paramount’s ability to raise sufficient capital, completion of due diligence and delivery of audited financial statements. According to Onfolio, those requirements were not expected to be fulfilled.
The proposed transaction would have positioned Onfolio, which owns and operates online businesses, in the global industrial gas market through a combination with Paramount Helium.
“We believe Paramount has strong potential to build a strategically important company, but we also required certain conditions be met in order for the transaction to make sense for our existing shareholders,” Chief Executive Officer Dominic Wells stated.
Wells added that both companies will pursue separate business strategies following the termination.
Onfolio indicated that ending the agreement was in the best interests of shareholders of both companies and that it will continue evaluating opportunities intended to create value for its existing shareholder base.
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