- Nextech3D.ai (NTAR) plans to spin out subsidiary Toggle3D on the Canadian Securities Exchange
- Management views the subsidiary as a potential industry leader in the estimated $160 billion global CGI application market
- Nextech would retain 16,000,000 Toggle3D common shares, while shareholders would receive 4,000,000 shares on a pro rata basis
- Nextech3D.ai is a diversified augmented reality and artificial intelligence technology company creating 3D experiences for the metaverse
- Nextech3D.ai shares (CSE:NTAR) last traded at $0.62 per share
Nextech3D.ai (NTAR) plans to spin out subsidiary Toggle3D on the Canadian Securities Exchange.
Toggle3D is an augmented reality-enhanced web application for creating, customizing and publishing high-quality 3D models and experiences without any technical knowledge required. It provides a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale.
Management views the subsidiary as a potential industry leader in the estimated $160 billion global CGI application market.
The arrangement involves a special purpose financing company, 1400330 B.C. Ltd. (FinanceCo).
Nextech would retain 16,000,000 Toggle3D common shares, while shareholders would receive 4,000,000 shares on a pro rata basis.
In connection with the arrangement, FinanceCo will complete a private placement for gross proceeds of a minimum of C$1,500,000.
The proceeds will be allocated to further development and promotion of Toggle3D as well as general corporate purposes.
Closing of the financing is anticipated by May 31, 2023.
The arrangement is subject to regulatory approval, including the approval of the CSE, court and shareholder approval.
Nextech3D.ai is a diversified augmented reality and artificial intelligence technology company creating 3D experiences for the metaverse.
Nextech3D.ai (NTAR) last traded at $0.62 per share.
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