RocketFuel transfers payments assets to RPay in deal centered on $1 million debt relief

RocketFuel Blockchain transferred substantially all assets used in its payments business to RPay in a related-person transaction that closed Aug. 13 and was disclosed in an Aug. 21 regulatory filing. RPay assumed $800,000 in deferred compensation owed by RocketFuel to Peter M. Jensen and $200,000 owed to Bennett J. Yankowitz, releasing RocketFuel from both obligations. Jensen is RPay's sole director and CEO and also serves as a RocketFuel director and executive officer; Yankowitz is a former RocketFuel director and executive who remains on RocketFuel's advisory board. RocketFuel received no listed cash payment at closing but received a warrant to buy 160,000 RPay common shares, subject to RPay's $1 million repurchase right. The board approved the transaction under NRS 78.565 without a stockholder vote, relying on a fairness memorandum rather than an independent valuation or stockholder ratification. The final RPay terms differed from a March non-binding proposal involving RPay and RPoints, and RocketFuel said it would later file unaudited pro forma financials because the sale qualified as a significant disposition under SEC asset and income tests. No Form 8-K/A amendment was visible in the company's SEC submissions history as of Aug. 22.

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RocketFuel transfers payments assets to RPay in deal centered on $1 million debt relief - CoinPost Terminal