Instagram’s playboy Dan Bilzerian also Known as “Blitz” and his company IGNITE International announced a significant deal earlier this week. IGNITE’s press release reads, “Chairman of the Board Intends To Acquire $25 Million of IGNITE Shares.” What does it mean, you ask? Well, it’s simple, Dan Bilzerian is settling IGNITE’s debt by buying equity in the company. While also having a sweet 5 million placement on the board. Well, There more to this story. Hence let us move ahead with the Topic and Learn More about it.
Dan Bilzerian Makes A Deal
The transaction finalised on October 26, after the Canadian Securities Exchange’s approval, will see Bilzerian acquire 50,000 proportionate shares. For $0.50. this means Bilzerian has a 39% premium to Ignite’s closing share price and a total of $5million investment.
Dan has purchased the debt from an Ontario based Company, which will be settled via 200,000 proportionate voting shares.
“As we announced last week, we project Ignite to have a profitable fourth quarter, and I am very much looking forward to seeing what the company can do in 2021 when it should be operating on all cylinders.” “The new management team is excited to show what it can do in the fourth quarter this year and next year,” Dan said.
However, it is noteworthy that IGNITE has been on the losing end of things for the past year. Since January, the company has seen a 64% decline in its shares. The company is tied up in a lawsuit with its Acting President Curtis Heffernan, who said he quit, on June 8, “to pursue other opportunities.” He filed a lawsuit claiming that he had been terminated for raising attention towards the company’s unlawful spending. The transactions brought up in the lawsuit include a $75,000 paintball field, a $40,000 rock climbing wall, $60,000 worth of “Star Wars guns”, $31,000 in pool renovations, a $50,000 bed frame, a $15,000 ping pong table, and an $88,000 vault.
Bilzerian is saying Curtis “was fired for incompetence and negligence.” Moreover, he plans to counter-suit.
About Dan Bilzerian
The main man amongst all this, Dan Bilzerian is Instagram’s playboy. And crowned “King of Instagram” by his 32 million followers. Dan is the son of an exiled eighties corporate raider. Why is Dan Bilzerian famous? Well, for the same reason, anyone on the internet is. In 2013, a five-second video loop of Bilzerian went viral. The video, covered during the Las Vegas World Series of Poker, showed a Tom Cruise-ish man in blue lighting. Whose beard was being stroked by a striking lady in black? This spark was enough to ignite a lavish lifestyle that is comparable to a Jason Statham movie, except Bilzerian has faster cars, more women, and better women. When Bilzerian isn’t naked in a jacuzzi with women in skimpy clothing clad around his shoulders, he’s getting into lawsuits over breaking a woman’s face and getting treated by Michael Jackson’s Doctor for a pulmonary embolism.