noco-noco Inc Announces Significant New Financing - Committed Equity Facility Up to $150 million

Singapore, Sept. 13, 2024 (GLOBE NEWSWIRE) -- noco-noco Inc Announces Significant New Financing - Committed Equity Facility Up to $150 million - - Significantly Strengthens Financial Flexibility and Advances Progress Toward Start of X-SEPATM Production - - F-1/A Registration Statement Effective on August 19, 2024 - September 13, 2024- noco-noco Inc ("noco-noco" or the "Company") (NASDAQ:NCNC), today announced that it has entered into a standby equity line of credit ("ELOC") with Arena Investors LP ("Arena") which become effective on August 29, 2024. Under the terms of the ELOC, the company will have the right, but not the obligation, to issue and sell to Arena up to $150 million in shares of the Company's common stock. Its post effective amendment on the Registration Statement on Form F-1/A dated August 16, 2024, has been declared effective by the U.S. Securities and Exchange Commission on August 19, 2024. The ELOC will significantly improve the company's financial flexibility, strengthen its shareholder equity and accelerate its progress toward commercialisation of X-SEPATM. Masataka Matsumura, Chief Executive Officer and Director of the company commented, "This financing facility is part of our key strategy to raise funds. With this new financing, we have greater financial flexibility and can plan with greater clarity and confidence as we accelerate our commercialisation plans. We are pleased to welcome Arena Investors LP as our funding partner and are working diligently to drive the global shift toward a cleaner, greener, and smarter future. With our innovative technologies and practical solutions, ...