SMC Entertainment Inc. on Dec. 10 completed its acquisition of diversified financial services company Genesis Financial Inc. for $45 million.

Genesis, which focuses on fintech-powered wealth management advisory services, will operate as a subsidiary of SMC, according to a news release.

At the closing of the deal, Genesis stockholders representing 95.28% of the company's common stock accepted SMC's offer, and the remaining stockholders are expected to come on board soon. SMC delivered the agreed-upon purchase price of $45 million in its series B preferred shares, and, post-closing, the company will issue 20 million warrants exercisable at $1 per warrant with a three-year exercise period, which will be used for operational, capital management and acquisition purposes.

Warwick Kerridge, chairperson of Genesis, was appointed to SMC's board. Charles Provini will also join the SMC board as an independent director, as proposed by Genesis.

SMC is expected to add substantial revenue to its top line and to more than double its shareholder base with the transaction. The company will have the option to start booking Genesis' revenues and expenses as of Dec. 10 or to differ such bookings beginning Jan. 1, 2022.

SMC's upcoming action items include starting discussions with institutional investment banks to raise $15 million for operational, working capital and future acquisitions; completing two-year financial audits; filing the required documentation with regulatory bodies to attain a reporting status with the U.S. SEC; and uplisting to a senior exchange with a name or stock symbol change.