Moatable Announces Entry into Definitive Agreement to Acquire a Letting Agent Business

PHOENIX, Sept. 6, 2024 /PRNewswire/ -- Moatable, Inc. (OTC: MTBLY) ("Moatable" or the "Company"), a leading US-based SaaS company, today announces that Lofty Inc., a subsidiary of the Company, entered into a definitive stock purchase agreement (the "Stock Purchase Agreement") with Jennifer Susan Gledhill (the "Seller"), the founder and 100% shareholder of The Letting Partnership Ltd ("TLP"), on August 30, 2024 to acquire the entire issued share capital of TLP. TLP is a company incorporated and registered in England and Wales that provides client accounting outsourcing for the lettings industry. Currently, TLP handles over £30 million of rent every month, allocating deposits, managing payments, and processing invoices to provide a complete accounting service.

Pursuant to the Stock Purchase Agreement, the Company will purchase from the Seller all of the issued and outstanding ordinary shares of TLP for a total purchase price of £3.5 million (approximately US$4.6 million) in cash, subject to certain purchase price adjustments relating to TLP's surplus cash as of the date of the consummation of the transaction (the "Closing"). The Closing is subject to the satisfaction or waiver of certain customary closing conditions. The Company expects the Closing to take place by the end of 2024. Upon the Closing, TLP will be a majority-owned subsidiary of the Company, and the Seller will continue to engage with TLP as a consultant.