Trump-linked fintech AI Financial sells unit to Prime Delta
AIFC•AI Financial sells Canadian unit to Prime Delta
Aug. 7 (Reuters) - AI Financial Corp, a company closely affiliated with World Liberty Financial, the crypto venture backed by the Trump family, has sold its Canadian unit to New York-based Prime Delta, weeks after fintech firm Perpetuals.com ended talks to buy the subsidiary.
AI Financial will receive a $12 million secured promissory note — with $1 million due next week and the rest paid over time — and about 11.6 million shares of Prime Delta stock for the sale of ALT5 Sigma Canada, an SEC filing showed on Friday.
The filing did not provide further details on the rationale of the deal. AI Financial, previously known as ALT5 Sigma, and Prime Delta could not be immediately reached for comment outside regular business hours.
Prime Delta is a financial services firm specializing in "credit intermediation and strategic financial advisory", according to its website.
Background on the World Liberty Financial partnership
World Liberty Financial partnered with ALT5 Sigma last August and struck a deal under which ALT5 Sigma raised $750 million by selling new shares and used $717 million of that to buy World Liberty tokens.
That deal sent more than $500 million to the Trump family, Reuters has reported, based on the Trumps' arrangement with World Liberty Financial.
AI Financial's sale of ALT5 Sigma Canada to Prime Delta comes about three weeks after Perpetuals.com said it had abandoned plans to buy the business, without giving further details.
