Nextech AR Solutions Corp. is pleased to announce today that after further consideration, it has determined to pursue a direct spinout of its generative AI powered Toggle3D platform through a wholly-owned subsidiary of the Company.
The Arrangement, if completed, is anticipated to result in, among other things, Nextech retaining approximately 65% of the issued and outstanding shares of Subco upon completion of the transaction, approximately 20% of the Subco Shares being distributed directly to Nextech shareholders on a pro rata basis; and approximately 15% of the Subco Shares being distributed to certain service providers of Nextech in consideration of past services, as calculated prior to completion of the Private Placement following which the above percentages will be adjusted on a pro rata basis.
In connection with the Arrangement, Nextech intends to seek a direct listing of the Subco Shares on the Canadian Securities Exchange.
Each Subscription Receipt will terminate on the earlier of: the failure to satisfy the Release Conditions prior to 5:00 p.m. on a scheduled date to be determined; or public announcement by Nextech prior to the Release Deadline, that it does not intend to satisfy any of the Release Conditions or the Release Conditions are incapable of being satisfied by the Release Deadline.
Nextech AR Solutions is a diversified augmented reality, AI technology Company that leverages proprietary artificial intelligence to create 3D experiences for the metaverse.
The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public companies issuing a stock distribution to shareholders while retaining a significant ownership stake in the public spin-out.
The Company will provide further details of the applicability of MI 61-101 and any requisite additional details in due course, as applicable.
Read full story here: https://www.globenewswire.com/en/news-release/2023/02/02/2600463/0/en/Nextech-AR-Announces-Details-of-Generative-AI-IPO-Spin-out-Toggle3D.html