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Jaxsta Limited (ASX:JXT) being into the music industry works with metadata. It is based out of Australia. The company operates in maintaining the record of the source music files and give credit to the person to whom the music originally belongs. The company also uses technology to offer services of music metadata business.
The company has announced recently that the shares will be quoted, and it will be available for trade in the Australian Stock Exchange from December 28, 2018. The company completed a transaction with Mobilarm on December 16, 2018, as mentioned in the prospectus.
The transaction is related to completion of a reverse takeover of Mobilarm where the company has successfully raised $5.3 million from the institutional and retail investors.
Jaxta has a competitive advantage over its peers in partnerships and relationships in the global music industry which includes the worldâs leading major and independent record labels and publishers of music. The company stressed on the point for reliable and official source of music-related data and information. This will resolve the issues of remuneration and credit in the music industry.
Jaxta uses its proprietary big data technology to translate information which it sources from official channels directly to maintain reliability for the users and ensure accuracy. The CEO of the company Jacqui Louez Schoorl said that the company is excited to be re-listed on ASX after the transaction with Mobilarm and has appreciated the support of the industry partners to develop a unique platform.
As stated, the company also addressed a major issue for the global music industry which lacks strong metadata in the digital world market recently. The commercial deals that the company has entered till date highlight its appeal to the broad range of stakeholders.
The company has also announced some changes in the management and board. Post the re-listing the companyâs directors will include Jacqui Schoorl who is the co-founder and Chief Executive Officer and Mr. Brett Cottle, the chairman and Ms. Linda Jenkinson and Mr. Jorge Nigaglioni as Non-Executive directors. Ms. Renee Bryant is CFO, effective from today.
Mr. Ken Gaunt has resigned as the chief executive officer, and director and Sir Tim McClement have also resigned as the director, effective from December 28, 2018, onwards. Ms. Naomi Dolmatoff is appointed as the secretary of the company. For the rules and regulations related to the exchange and listing, Dolmatoff will be responsible for communications with ASX.
Let us quickly review the performance of the Jaxta Limitedâs stock and the returns it has produced over the past few months. JXTâs shares last traded at $0.190. The suspension on the trading of the stock will be lifted once it complies with the listing rules. It has yielded a negative YTD return of 4.76% and produced a positive return of 5.26% based on the past three months. The stock has a 52-week high price of $0.200 and a 52-week low of $0.008.
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