Society Pass Inc. Issues First Advance Notice to Strattners Bank, to Continue its Growth Plans
24 Aprile 2024 - 3:53PM
Society Pass Inc. (SoPa), a leading e-commerce ecosystem in
Southeast Asia (SEA), announces its first drawdown on a financing
line to continue its growth journey.
Following the recent securing of an equity line of up to $40
million, to support Society Pass’s plans for potential public
offerings of its subsidiaries, SoPa has issued its first advance
notice to Strattners FZCO, the Family Office of Strattners Bank
SA.
The notice entails the issuance of 1,000,000 shares priced at
$0.18 per share, in accordance with the terms of the financing
agreement. Under this agreement, the shares are acquired through a
calculation based on a calculated market price multiplied by 96%,
ensuring efficient capital deployment. In addition to this first
financing, SoPa retains the right, though not the obligation, to
sell up to $40,000,000 of its common stock to Strattners.
Raynauld Liang, CEO of SoPa, expressed enthusiasm about the
collaboration with Strattners, emphasizing its significance in
generating shareholder value. He stated, "This capital infusion
underscores our commitment to strategic growth initiatives,
including potential spinouts such as Thoughtful Media Group Inc and
NusaTrip Inc, aimed at maximizing shareholder value."
He further reiterated the versatility of the financing strategy,
highlighting its capacity to support acquisitions, fortify working
capital, and capitalize on favorable market conditions.
Dr. Timo Strattner, CEO of Strattners, echoed this sentiment,
expressing excitement about supporting SoPa's ambitious growth
plans. He affirmed, "Our recent investment commitment of up to $40
million reflects our confidence in SoPa's vision and leadership. We
are dedicated to empowering SoPa in achieving its strategic
objectives, including planned public offerings for its
subsidiaries."
About Society Pass Inc.:
Established in 2018, Society Pass Inc. operates as a data-driven
e-commerce ecosystem across Vietnam, Indonesia, Philippines,
Singapore, and Thailand. With strategic offices across SEA, the
company operates in interconnected verticals—loyalty, digital
media, travel, telecommunications and lifestyle,—serving consumers
and merchants/brands in Southeast Asia. Society Pass Incorporated
(Nasdaq: SOPA) is committed to driving innovation and reshaping the
digital commerce landscape in the region.
For more information, please visit:
- Website: https://www.thesocietypass.com
- LinkedIn: https://www.linkedin.com/company/societypass
- Facebook: https://www.facebook.com/thesocietypass
- Twitter: https://twitter.com/society_pass
- Instagram: https://www.instagram.com/societypass
Cautionary Note Concerning Forward-Looking
Statements:
This press release may contain forward-looking statements within
the meaning of applicable securities laws. Such statements are
based on management's current expectations and beliefs and are
subject to various risks and uncertainties that could cause actual
results to differ materially. Investors are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof. The Company undertakes no obligation to
update any forward-looking statements contained herein, except as
required by applicable laws.
Media Contact:Rokas SidlauskasChief Marketing
OfficerEmail: rokas@thesocietypass.com
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