MyFiziq Limited Received Initial Tranche Of $1.2 Million Under A Binding Subscription Agreement

MyFiziq Limited Received Initial tranche of $1.2 million under a Binding Subscription Agreement

MyFiziq Limited (ASX: MYQ) is a technology company which provides SDK (Software Development Kit) and white label app to B2B (Business to Business) partners. On 22 February 2019, the company made an announcement stating that it has received the initial tranche one payment of $1.2 million under the binding subscription agreement in relation to a $6 million placement with an Asset Management firm, Asia Cornerstone Asset Management (ACAM) which was announced on 31 January 2019. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

ACAM is licensed by the Securities & Futures Commission in Hong Kong and it is focused on the medical, agricultural and technological industries. As per the terms of the Binding Term Sheet, MyFiziq Ltd is going to receive the $6 million in 6 tranches. Of which, the company has received an initial tranche of $1.2 million. The remaining tranches will be received in April, May, July and August concluding in September 2019. As per the company’s announcement, over the 6 tranches, the Company will issue a total of 10 million fully paid shares in MYQ. The shares will be issued a price of A$0.60 cents per share which represents 110% premium to the share price at the time the binding term sheet was concluded.

It is expected that funding will provide adequate working capital for the Company to undertake the rollout and expansion of its technology and required increases in its development team for the next two years.

During the December quarter, the company announced its third strategic partnership in North America with digital fitness solutions company, FitLab, LLC (d/b/a MVMNT). This partnership will see MyFiziq integrated into the cutting-edge mobile application (app) of its partner, McGregor FAST.

McGregor’s proprietary fitness system (www.McGregorFast.com) is looking to bring its revolutionary training and nutrition techniques to McGregor fans and fitness enthusiasts across the world through its new app.

Technology wise, the company has completed the research and initial development of in-device segmentation which provides MyFiziq with an ability to process user’s images in their device. The company believes that this technological advancement will be extremely attractive to its partners, both present and future, especially with increased concerns globally around personal data and regulations that need to be adhered to.

Now, let us have a quick look at MYQ’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.400, up by 1.266% during the day’s trade with a market capitalization of ~$33 million as on 22 February 2019 (AEST 2:54 PM). The counter opened the day at $0.440, reached the day’s high of $0.450 and touched the day’s low of $0.390 with a daily volume of over 808,845. The stock has provided a Year Till Date return of 25.40% & also posted returns of 2.60%, 19.70% & 31.67% over the past six months, three & one-months period respectively. It had a 52-week high price of $1.00 and touched 52 weeks low of $0.220, with an average volume of 271,648 approximately.


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