FingerMotion has announced the completion of its previously announced acquisition of a 9.9% interest in Lyken AI Computing Inc., operating as Lyken.AI, from Alset AI Ventures Inc. The transaction has closed following receipt of TSX Venture Exchange approval, marking FingerMotion's formal entry into the enterprise AI compute market.
FingerMotion acquires 9.9% stake in Lyken AI Computing.
Issued 1,674,480 restricted common shares as consideration.
No cash consideration payable at closing.
Alset AI retains 90.1% of Lyken.
Transaction marks formal entry into enterprise AI compute market.
Company intends to pursue enterprise compute as distinct line of business.
FingerMotion has acquired 99,000 common shares of Lyken, representing 9.9% of Lyken's issued and outstanding common shares, in consideration for the issuance of 1,674,480 restricted common shares of FingerMotion. No cash consideration was payable at closing. Alset AI retains 90.1% of Lyken. The completed transaction marks FingerMotion's formal entry into the enterprise computing market and is the first step in a broader strategy to build a recurring-revenue enterprise compute franchise alongside the Company's existing mobile data and telecommunications operations.
"The Lyken transaction connects FingerMotion with a pipeline of prospective enterprise clients in what remains the most underserved segment of the data center market," said Jolie Kahn, CEO of FingerMotion, Inc. "Enterprise customers can fall between traditional retail colocation and hyperscale providers, particularly when they require specialized compute configurations and support. This investment gives FingerMotion a meaningful starting point for addressing that underserved demand as we grow our data center strategy."
"We're thrilled to be closing this transaction, which adds a strategically aligned Nasdaq-listed shareholder to our Lyken business," said Adam Ingrao, Chief Executive Officer of Alset AI. "We look forward to working in partnership with the team at FingerMotion, building on Lyken's vendor ecosystem, enterprise traction and cloud compute opportunity pipeline."
About FingerMotion, Inc.
FingerMotion is a technology company serving a growing base of users across the mobile payment, recharge, and data-analytics markets in the People's Republic of China. The Company continues to develop new tools and services for those users, with the long-term objective of expanding that base organically into a large and highly engaged community. FingerMotion is extending that strategy into the enterprise AI and cloud compute market through its equity position in Lyken AI Computing Inc.
About Lyken.AI
Lyken.AI is Alset AI's cloud compute business, providing access to outsourced cloud compute server capacity and related technical coordination and support services. Lyken is developing an integrated offering spanning compute infrastructure, secure storage, private low-latency networking, and enterprise deployment support.
