Shares of Society Pass experienced a significant boost on Thursday following the announcement that the company had successfully secured up to $40 million in financing. The stock surged by 42% to reach 38 cents during midday trading, though it remains down by 62% over the course of the year.
New York-based fintech and e-commerce firm, Society Pass, revealed that it had entered into an agreement with Strattners FZCO. As part of this agreement, Strattners FZCO will purchase up to $40 million worth of Society Pass common stock at the company’s request over the next eighteen months. The shares sold by Society Pass will be priced at a 6% discount based on the lowest volume-weighted average price observed during the three previous trading days before the company’s request.
Chief Executive, Raynauld Liang, expressed his enthusiasm regarding this capital infusion, stating that it will enable the company to invest in its subsidiaries, some of which may be spun off. These subsidiaries include Thoughtful Media Group and NusaTrip. Liang also mentioned the possibility of utilizing the financing for strategic acquisitions.
