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NextPlay Technologies | 8-K: Current report

SEC announcement ·  Jan 22 13:00
Summary by Futu AI
NextPlay Technologies, Inc., a company listed on the NASDAQ under the trading symbol NXTP, has entered into a significant financial agreement as reported in a Form 8-K filed with the SEC. On October 28, 2023, NextPlay Technologies executed a convertible loan agreement with an investor for a total of US $2.0 billion. This loan is convertible into common shares of NextBank International, Inc., which is a wholly-owned banking subsidiary of NextPlay Technologies. The conversion price is set to value NextBank at US $65 million, subject to the approval of NextBank's Regulator. The agreement specifies that the loan will be secured solely by shares of NextBank and not by any other subsidiaries, assets, or liabilities of NextPlay Technologies. Additionally, the investor has agreed to a breakup fee of US $2.0 million should they fail to fund the loan. The company has included forward-looking statements in the report, cautioning that there is no assurance the deal will close successfully and that actual results may differ from current expectations.
NextPlay Technologies, Inc., a company listed on the NASDAQ under the trading symbol NXTP, has entered into a significant financial agreement as reported in a Form 8-K filed with the SEC. On October 28, 2023, NextPlay Technologies executed a convertible loan agreement with an investor for a total of US $2.0 billion. This loan is convertible into common shares of NextBank International, Inc., which is a wholly-owned banking subsidiary of NextPlay Technologies. The conversion price is set to value NextBank at US $65 million, subject to the approval of NextBank's Regulator. The agreement specifies that the loan will be secured solely by shares of NextBank and not by any other subsidiaries, assets, or liabilities of NextPlay Technologies. Additionally, the investor has agreed to a breakup fee of US $2.0 million should they fail to fund the loan. The company has included forward-looking statements in the report, cautioning that there is no assurance the deal will close successfully and that actual results may differ from current expectations.
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