DigitalTown sells

DigitalTown sells

Company sold business earlier this month to unknown buyer.

DigitalTown sold earlier this month.

DigitalTown (OTC: DGTW) has sold its business.

The company disclosed the deal in its 10-Q filed yesterday. The SEC filing reveals little information about the transaction that occurred subsequent to quarter end:

“On October 9 2018, the Company sold its division to an arms length third party.”

The domain was transferred to GoDaddy and has Whois privacy.

The 10-Q also provides details on how an investment the company received in May has fallen as cryptocurrencies have faced headwinds.

Catena Fund One, LP invested $1.659 million in the company in May in the form of 1.05 million RChain Coins (RHOC), which were valued at $1.58 USD. The company immediately started selling these coins for cash, but the price of RHOC started falling precipitously. In the second quarter of this year, the company sold what it had left for $518,181, which was $580,435 lower than the value when the cryptocurrency was received.

The move ended up being smart, though: RHOC currently trades for less than 20 cents.

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