Source: Sharecast
Huddled added that it had been encouraged by Boop Beauty's trading so far and felt "full ownership better justifies the allocation of additional resources to the business in order to fuel its continued growth".
Payment will take the form of 3.2 million new Huddled shares which will be issued by no later than May 27, 2025. Upon admission to trading on AIM, these shares will be subject to a six-month lock-in followed by a 12-month orderly market agreement.
Founded by Amr - a former in-house counsel at cosmetics giant L'Oreal - Boop Beauty is a direct-to-consumer platform specialising in selling excess stock at a discount.
"The acquisition represents a strategic step in Huddled accelerating Boop Beauty's growth trajectory. Exchanging the remaining 25% of Boop Beauty for Huddled Group shares allows Yasmine to stay actively engaged whilst full ownership will enable Huddled to justify making additional investments in inventory and marketing initiatives, which we believe are key to capturing the significant market opportunity ahead," Huddled said on Monday.
Amr will remain as a non-executive director of Boop Beauty.
Reporting by Frank Prenesti for Sharecast.com