M&A / Property
Jo-Jo Capital Enters into Letter of Intent with Primeblock and Announces Management Updates
Jo-Jo Capital Revives Deal Hunt With Fintech Target After Failed Transaction
Executive Summary
- On April 16, 2026, Jo-Jo Capital Canada Ltd. entered into a non-binding Letter of Intent (LOI) with Primeblock Inc., a Canadian fintech company specializing in yield generation for digital assets.
- The proposed transaction would see Primeblock become the operating business, with its shareholders holding a majority stake post-combination.
- Management changes were announced: Carmelo Marrelli appointed CFO and Acting CEO (replacing Peter Schloo), and Matthew Lewis joined the Board.
- Trading remains halted pending TSX-V requirements and deal closure.
- This follows a January 7, 2026 announcement terminating a previous proposed qualifying transaction and the resignation of former CEO/CFO Peter Schloo.
Material Impact
- The news represents incremental progress for a Capital Pool Company (CPC) following a failed transaction three months prior.
- While an LOI is positive, it is non-binding and subject to due diligence, definitive agreement, and regulatory approval.
- Management turnover within a short period (Schloo resigned Jan 2026, Marrelli appointed Apr 2026) introduces execution risk and continuity concerns.
- The transition to a Tier 2 Technology Issuer is standard for this type of transaction but does not guarantee value creation.
- Given the previous termination in January, market expectations were likely low; however, the speed of finding a new target (3 months) mitigates some downside risk compared to prolonged searches.
JOJO · Price
Company Overview
- Company Type: Capital Pool Company (CPC) on TSX Venture Exchange.
- Flagship Project: Currently seeking a qualifying transaction to become an operating company. The proposed target is Primeblock Inc., a fintech firm focused on institutional digital asset yield generation (DeFi/CeFi).
- Development Stage: Pre-operational (SPAC/CPC phase). No revenue-generating assets currently owned by Jo-Jo Capital itself; value depends entirely on the success of the business combination.