Blue-Chip Investors Validate OliveX Strategy
Subject to shareholder approval at an upcoming General Meeting, the Company will issue 8,888,888 shares, with funds received to finance cash consideration obligations arising from the previously announced acquisition of Six to Start Limited. The balance of funds will be used for working capital purposes.
New investors including EVG Holdings Pte Ltd, Mr Hyung Cheol (James) Lim (Founder of Blocore and Gameberry Inc.) and GBV Capital are joining the register.
Existing shareholders Animoca Brands Limited and Gym Aesthetics GmBH have also committed additional funds to the placement.
Keith Rumjahn, CEO of OliveX said:
"The overwhelming investor interest in this capital raising makes it clear that the Six to Start acquisition has been extremely well received, which is further validation of the Company's strategy. We look forward to the next stage of the Company's evolution and growth and to providing updates as we continue to strengthen our position in gamifying the digital health and fitness sector."
An additional announcement will be provided to the market upon the receipt of funds and the issue of shares which is expected in mid-June 2021.
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
OliveX Holdings Limited