MM2 Asia Ltd. (Company Registration No.: 201424372N) has successfully completed the proposed placement and upsize option, issuing a staggering 2,349,730,500 new ordinary shares at a placement price of S\$0.017 per share. This significant development was announced by the Board of Directors on 1 November 2024.
The completion of this placement marks a pivotal point for the company, as the total number of issued and paid-up shares (excluding treasury shares and subsidiary holdings) has now increased from 4,185,913,830 shares to 6,535,644,330 shares. This massive increase in shares is a critical factor that shareholders need to be aware of, as it may have a substantial impact on share prices.
The placement shares were issued to various entities, including 588,235,000 shares to V3 Brands and 294,118,000 shares to V3 Capital Investments. Additionally, 1,116,729,618 shares were issued to certain creditors of the company who have applied a portion of the amounts owed to them by the company as a set-off against their cash consideration for the placement shares.
These shares were issued free from all claims, pledges, mortgages, charges, liens, and encumbrances and rank equally with the existing issued shares. However, it’s important to note that the placement shares will not qualify for any dividends, rights, allotments, or other distributions whose record date falls on or before the date of issuance.
The newly issued placement shares are expected to be listed and quoted on the Mainboard of the SGX-ST, starting from 9.00 a.m., on or around 5 November 2024. This listing could potentially influence the market dynamics and trading patterns of MM2 Asia’s shares.
Shareholders, security holders, and potential investors are advised to approach this news with caution and to consult with their stockbrokers, bank managers, solicitors, or other professional advisors to understand the implications of this significant increase in the company’s share base.