Vividthree cancels proposed S$1.9m placement, Companies & Markets

Vividthree cancels proposed S$1.9m placement, Companies & Markets

Tue, Jun 30, 2020 - 6:32 PM VIVIDTHREE Holdings is no longer proceeding with a proposed ordinary share placement that was to have given it S$1.9

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Tue, Jun 30, 2020 – 6:32 PM

VIVIDTHREE Holdings is no longer proceeding with a proposed ordinary share placement that was to have given it S$1.9 million in net proceeds, as the working capital available is sufficient to meet its present and projected requirements, the Catalist-listed group said. 

The proposed placement – of up to 15.9 million new ordinary shares at a price of at least 12.6 Singapore cents apiece – was meant to strengthen Vividthree’s financial and working capital position.

The company, which was spun off from media producer mm2 Asia in 2018, had said that it may also use the proceeds to acquire intellectual property (IP) rights and business assets.

Separately, Vividthree on Tuesday said it has acquired comics content creator DarkBox Studio for S$1.5 million. The acquisition includes all intellectual property rights, and all published and unpublished works for Silent Horror, a webtoon by the studio. 

The sum took into account factors including Silent Horror’s more than 92 million views online, and the potential of the comic video business. 

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