Abaxx Announces Closing of C$18,687,500 Bought Deal Financing Including Full Exercise of Over-Allotment Option

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TORONTO, March 28, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE CA:ABXX) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets Podcast, is pleased to announce that it has closed its previously announced bought deal financing (the “Offering”).

The Company issued a total of 1,437,500 common shares (the “Common Shares”) on a bought deal basis at an offering price of C$13.00 per Common Share (the “Offering Price”), which includes 187,500 Common Shares issued pursuant to the exercise of an over-allotment option, in full, for gross proceeds of C$18,687,500.

The Company currently intends to use the net proceeds from the Offering for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing or for other corporate purposes as set forth in its prospectus supplement to its base shelf prospectus dated March 20, 2024 filed in connection with the Offering.

The Offering was co-led by Canaccord Genuity Corp. and BMO Capital Markets, together with Cantor Fitzgerald Canada Corporation (collectively the “Underwriters”). The Company paid the Underwriters a cash commission of 6% of the aggregate gross proceeds raised from the Offering, subject to a cash commission equal to 3% in respect of sales to members of a president’s list, with such sales to president’s list members not exceeding C$1,500,000.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.