BRIEF

on ZoomAway Technologies Inc. (isin : CA98979X1087)

ZoomAway Technologies Inc. Plans Business Model Transition to "Access Pre-IPOs"

ZoomAway Technologies Inc., a company traditionally involved in technology development for retail and hospitality, announced its intention to shift its business focus from technology to investment issuer, pending approval from TSX Venture Exchange. This strategic pivot is aimed at enabling investments in equity, debt, or other securities of high growth late-stage private businesses and pre-IPO companies. The company will be rebranded as "Access Pre-IPOs".

The company's management, including Jay Bala and Alex Kanayev of AIP Asset Management Inc., who are also directors at ZoomAway, has supported the move. The transition will require negotiation of new agreements, a capital raise, and obtaining all requisite corporate and regulatory approvals, including shareholder consent. Trading of the company shares remains halted during the transition process.

Plans for new management and a proposed private placement offering are also in progress. The offering aims to secure up to $25,000,000 by issuing subscription receipts, with Oak Hill Asset Management Inc. serving as the leading agent. The proceeds are intended to fund the new business operations and other corporate expenses.

The proposed changes include a significant stock consolidation and a renaming of the corporation to reflect the new investment focus. This restructuring reflects a pivotal strategy to enable the company to engage in investment opportunities directly linked to its growth objectives in the burgeoning pre-IPO space.

R. E.

Copyright © 2024 FinanzWire, all reproduction and representation rights reserved. Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.

Click here to consult the press release on which this article is based

See all ZoomAway Technologies Inc. news