Overview
- The companies signed a definitive, board-approved all-stock agreement that was announced Sept. 23 and would make North Capital a MoonPay subsidiary if regulators approve the transaction.
- North Capital operates the PPEX alternative trading system and holds broker-dealer, transfer agent and investment-adviser registrations that have supported roughly $8.7–$9 billion in primary and secondary volume.
- Media reports have put the deal value north of $60 million but published price figures vary and MoonPay has not publicly confirmed a purchase price.
- The transaction remains subject to SEC and other regulatory approvals, has no firm closing date, and the companies warned there is no assurance the deal will close.
- MoonPay has not announced any customer-facing securities product or access rules, and observers have flagged potential governance and conflict-of-interest issues for the Agora routing network if a founding ATS is owned by a vertically integrated MoonPay.