I want to provide everyone with a significant update regarding the future of Wimkin.
I have agreed in principle to the sale of Wimkin as part of a transaction that also accounts for the interests of Reelster shareholders.
Based upon the proposed transaction terms and the investment records currently maintained by the companies, the sale is expected to provide shareholders of both Wimkin and Reelster with an approximate 272% return on their respective total investment amounts, subject to final accounting, definitive agreements, and closing.
For example, the return would be calculated based upon the total amount each shareholder actually invested, rather than simply dividing proceeds equally among shareholders.
The proposed agreement also requires me, Jase, to remain actively involved for 365 days following the transaction. During that period, I would continue working with the platform in the areas of: New development, Platform maintenance, Infrastructure and scalability, Product improvement, and marketing and growth.
There is, however, an issue that now requires shareholder involvement.
One shareholder has notified us of an intention to pursue litigation that could delay or attempt to prevent the sale because that shareholder believes Wimkin is worth more than the amount reflected in the proposed transaction.
I respect every shareholder's right to have an opinion regarding valuation. At the same time, management has to evaluate an actual transaction that exists today against the uncertainty, expense, risk, and time associated with attempting to obtain a potentially higher valuation or another buyer in the future.
After years of development, investment, operating expenses, platform restrictions, infrastructure costs, and the challenges associated with building an independent social-media company, I believe shareholders themselves should have an opportunity to make their position clear.
Accordingly, I am requesting a formal shareholder vote on the following resolution:
RESOLVED: That the shareholders approve the proposed sale of Wimkin and the related treatment of Reelster shareholder interests, substantially upon the economic and transition terms described above, and authorize management to negotiate, finalize, execute, and deliver the definitive agreements and other documents reasonably necessary to complete the transaction.
This vote is important because I want there to be a clear record of what the shareholders themselves want rather than allowing the position of any single shareholder — including my own — to speak for everyone.
Nothing is completed until the definitive transaction documents are executed and the transaction closes. Final shareholder distributions will also remain subject to verification of investment records, transaction expenses, contractual obligations, and the final closing terms.
I have spent years building Wimkin, and I care deeply about what happens to the platform, its shareholders, its users, and the people who believed in it when very few others did.
The objective of this transaction is not simply to sell something we built. It is to provide shareholders with a meaningful return on what they invested, preserve the platform, provide continuity under new ownership, and give Wimkin the opportunity to move into its next chapter with the resources necessary to grow.
I am asking every eligible shareholder to make their voice heard by clicking below:
Please note: the voting button may not work properly within the Wimkin app. If it does not, please use the direct link provided at the bottom of this post. Votes submitted through the Wimkin app and votes submitted through the website are being recorded separately and will be combined for the final vote count. Because the app and website use separate voting records, the live totals you see will reflect only the votes submitted through the version you are currently using. In other words, votes cast in the app will appear only in the app totals, while votes cast on the website will appear only in the website totals.