Business
Treasure Global Announces Closing Of Convertible Debt Facility For Up To $5.5 Million
NEW YORK and KUALA LUMPUR, March 01, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGI”, or the “Company”), an innovative e-commerce platform
About this update from Treasure Global Inc.
[{"type":"text","content":"NEW YORK and KUALA LUMPUR, March 01, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGI”, or the “Company”), an innovative e-commerce platform providing seamless technology enabled solutions for lifestyle needs, today announced that it has signed an agreement with a single institutional investor for an unsecured convertible debt facility of up to $5.5 million, to be drawn in tranches. The Company plans to use the initial $2.0 million drawdown received upon closing to continue the development of innovative new products and solutions, in addition to working capital and general corporate purposes. “We are pleased to reach an agreement for financing of up to $5.5 million, to provide TGI with additional runway to continue the development of our pipeline of innovative technology offerings for lifestyle needs,” said Sam Teo, Chief Executive Officer of TGI. “The additional capital will provide TGI with greater financial flexibility as we remain focused on increasing user engagement and enhancing our product offerings to generate revenue with improved margins.” Under the terms of the agreement, TGI will issue and sell to a single institutional investor convertible debentures in the principal amount of up to $5.5 million, which shall be convertible into shares of the Company’s common stock, par value $0.00001 per share. Upon the initial closing, a convertible debenture with a face amount of $2.0 million shall be purchased and a convertible debenture with a face amount of $3.5 million shall be purchased on or about the date the registration statement has been declared effective by the U.S. Securities and Exchange Commission (“SEC”) and other closing conditions have been met, at a purchase price equal to 92% of their respective face amounts. EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering. About Treasure Global IncTreasure Global Inc (“TGI”) is an innovative Malaysian e-commerce platform providing seamless technology enabled solutions for lifestyle needs with instant rebates and affiliate cashback programs. On a mission to bring together the worlds of online e-commerce and offline physical retailers, TGI is developing a portfolio of leading digital platforms for use throughout Southeast Asia (“SEA”) and Japan. In June 2020, TGI launched its proprietary product, the ZCITY A...