ICANN gives nod to adult domain name ownership change.
Domain name overseer ICANN has approved the transfer of the .xxx, .porn, .adult and .sex top level domain names to Minds + Machines (MMX). As a result, MMX (London AIM: MMX) is completing its acquisition of ICM Registry, which controlled the domain names.
MMX paid $10.0 million cash, but the majority of the acquisition is being paid with 225 million shares in the company. At the time of the original acquisition announcement, those shares had a value of $31 million. They are now worth closer to $20 million, which is not surprising given the dilution that will occur with the share issuances. The shares will be issued over time and they have lock-in periods.