Prestige Wealth (PWM) announced that, on November 5, it entered into a definitive acquisition agreement pursuant to which PWM will purchase all shares of InnoSphere Tech, a company incorporated under the laws of the British Virgin Islands. The total purchase price is $2.1M, subject to customary closing purchase price adjustments, in the form of 3.5M newly issued Class B ordinary shares of the company at a price per Class B ordinary share of 60c to the seller and key employees of InnoSphere Tech. The company will also grant warrants to purchase 2,625,000 Class A ordinary shares of the Company at an exercise price per share equal to 72c to the seller parties. The warrants will become exercisable on the six-month anniversary of the issuance date and will expire on the fifth anniversary from the date on which they become exercisable. In addition, key employees will be retained and continue to be employed by InnoSphere Tech after closing of the transaction. The acquisition agreement also includes a third-year period non-competition and non-solicitation covenants from the seller parties. The acquisition of InnoSphere Tech is expected to close in the fourth quarter of 2024 and will enhance PWM’s technology strength in artificial intelligence space and facilitate PWM’s development of AI-driven technology services to business clients in wealth management area. PWM also announced that, on November 4, it completed its acquisition of all shares of SPW Global, a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore.
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