Innovative Payment Solutions, Inc. (OTCPK:IPSI) signed a non-binding letter of intent to acquire Business Warrior Corporation (OTCPK:BZWR) from Rhett Doolittle, Jonathan Brooks and others on February 13, 2024. Innovative Payment Solutions and BZWR have certain convertible note investors in common. Innovative Payment Solutions, Inc. entered into an agreement and plan of merger to acquire Business Warrior Corporation from Rhett Doolittle, Jonathan Brooks and others on July 28, 2024. The total consideration provided to or for the benefit of BZWR equity holders (including holders of warrants and other outstanding preferred stock or other convertible securities of BZWR), as applicable would be in the form of newly-issued shares of Innovative Payment Solutions common stock representing forty five percent (45%) of the Common Stock immediately following the Closing. One purpose of the Proposed Transaction would be to convert the indebtedness of both Innovative Payment Solutions and BZWR held by the Note Holders into equity securities of Innovative Payment Solutions.

The transaction is subject to the approval of the stockholders of both Innovative Payment Solutions and Business Warrior, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and all other requisite regulatory approval, the Registration Statement having become effective and the satisfaction of other conditions to closing. The boards of directors of both companies have unanimously approved the transaction.

Jonathan D. Leinwand of Jonathan D Leinwand P A acted as legal advisor to Business Warrior Corporation. Richard I. Anslow of Ellenoff Grossman & Schole LLP acted as legal advisor to Innovative Payment Solutions, Inc.

Innovative Payment Solutions, Inc. (OTCPK:IPSI) cancelled the acquisition of Business Warrior Corporation (OTCPK:BZWR) from Rhett Doolittle, Jonathan Brooks and others on January 22, 2025.