213 0 Kommentare Abaxx Technologies Inc. Announces Signing of First Strategic Financing Investor in Abaxx Singapore and Business Update Investor Call - Seite 2

Following the closing of the First Tranche, the Company plans to hold the funds raised for required reserve capital in order to fulfill regulatory requirements from the Monetary Authority of Singapore for Abaxx Exchange to operate as a Recognized Market Operator (“RMO”) and in subsequent closings, for Abaxx Clearing to obtain an “Approved Clearing House (“ACH”) license, each contingent upon regulatory approvals and successful execution of the Offering.

In concert with the Offering, Abaxx Tech has agreed to fund up to US$11,000,000 of Abaxx Singapore’s projected working capital requirements through its subscription for units (the “Units”) of Abaxx Singapore at a price of US$4.718 per Unit (the “Ordinary Share Offering”). Each Unit will consist of one Ordinary Share and one Ordinary Share purchase warrant (each, a “Warrant”), with each Warrant exercisable for an Ordinary Share at a price of US$4.718 per Ordinary Share, exercisable within 6 months of the date of issuance. It is expected the Ordinary Share Offering will close subsequent to the First Tranche.

These recent developments align with the Company's previously communicated strategy to focus on the development of its software products in Abaxx Singapore. The Company is focused on its core operations and plans to divest some of its legacy assets, Pasig & Hudson Private Limited, Smart Crowd Holdings Limited and the Tacora Port Royalty, in order to concentrate its efforts on operations in Singapore. These legacy assets have not been a strategic part of the Company’s operations for many years and merely reflect historic corporate relationships.

Q2 2023 Business Update Investor Call

The Company plans to host a quarterly business update investor presentation, to provide a business update and respond to investor questions.

The Company will hold the investor presentation via Zoom Meetings on Thursday, August 17th at 10:00 a.m. Eastern Standard Time Zone (EST). The Company invites current and prospective shareholders to attend this quarterly business update and Q&A session with the Abaxx executive team. Attendees may email their questions in advance to ir@abaxx.tech.

Registration will be required to access the meeting. Following the presentation, a recording of the session will be made available on the Abaxx Investor Relations website at investors.abaxx.tech.