Society Pass Inc. Issues First Advance Notice to Strattners Bank, to Continue its Growth Plans
SINGAPORE, April 24, 2024 (GLOBE NEWSWIRE) -- 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.
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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.
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