EUDA issues 1.6 million shares to investors after accelerating prepaid forward deals
EUDA amended its prepaid forward agreements with institutional investors on June 8, 2023, accelerating the maturity date. As a result, 1.6 million ordinary shares became immediately due to the sellers, and the sellers became entitled to retain the remaining prepayment from the trust account and the remaining shares. The share issuance adds to the existing share count and could dilute current shareholders, and the filing also reports a board change and a revised settlement with CEO Dr. Kelvin Chen.
- 1.6 million ordinary shares issuable as Maturity Consideration, 800,000 to each of two sellers, HB Strategies LLC and Alto Opportunity Master Fund, SPC
- Maturity Date accelerated to June 8, 2023; the sellers may retain the remaining prepayment from EUDA's trust account and remaining shares
- Sellers received registration rights and may not sell more than 15% of the daily trading volume on any exchange business day
- Alfred Lim was appointed Executive Director on June 6, 2023 and resigned from three board committee roles