Society Pass Set to Unlock and Monetize Current and Future Subsidiary Spin-Off Opportunities Through Strong and Flexible Financing
SINGAPORE, May 01, 2024 (GLOBE NEWSWIRE) -- Society Pass Inc. (NASDAQ: SOPA) (“SoPa” or the “Company”), a leading e-commerce ecosystem in Southeast Asia (“SEA”), is excited to offer additional details related to its successful financing of future growth initiatives, including the Company’s ability to spin off various subsidiaries to monetize intrinsic value and finance future acquisition opportunities.
As announced on April 24, 2024, following the recent securing of an equity line of up to $40 million through Strattners Bank SA—to support potential public offerings of subsidiaries—the Company has begun to operationalize this significant financial resource following the issuance of its first advance notice to Strattners FZCO, the Family Office of Strattners Bank SA.
SoPa CEO, Raynauld Liang, remarked, “It’s exciting to begin the next phase of our long-term growth strategy. Strattners represents a great partner on our journey to monetize intrinsic growth in our holdings, which is a core strategic part of our value proposition for our stakeholders.”
Management notes that potential spin-outs include Thoughtful Media Group, a Thailand-based, a social commerce-focused premium digital video multi-platform network and NusaTrip, a leading Indonesia-based Online Travel Agency.
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.
Liang continued, “This is about collaboration, long-term growth, value creation, and maximizing shareholder value. Access to capital is a primary piece of that puzzle. Our arrangement with Strattners provides a versatile and flexible source for that engine, supporting future acquisitions and granting the Company the latitude to capitalize on opportunities that fit our model and play to our strengths.”
Dr. Timo Strattner, CEO of Strattners, noted, “SoPa has an ambitious model, and we have confidence they will forge ahead an unlock value driven by that model through their prior strategic activities as well as the many new opportunities they are likely to discover and fuel.”
About Society Pass
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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