10:58 AM EDT, 06/07/2024 (MT Newswires) -- Onfolio ( ONFO ) said Friday that it has agreed to buy a majority stake in the assets of SEO Marketing, doing business as DDS Rank, for $600,000.

The deal is expected to close early next week.

Onfolio's ( ONFO ) special purpose vehicle, Onfolio Agency SPV, is taking a minority stake in the business, the company said.

The SPV is investing $200,000 in exchange for 34% of DDS Rank, while Onfolio ( ONFO ) will own a 66% stake of DDS Rank in exchange for $200,000 of series A preferred shares and via a promissory note of $200,000 due on May 31, 2026, the company said.

The shares were down more than 10% in recent trading.

Price: 0.94, Change: -0.11, Percent Change: -10.48