Animoca Brands Corporation Limited, or the Company, has formally announced its exclusive partnership with NEOM Company (NEOM). In accordance with the memorandum of understanding signed by both parties, they will continue to promote local Web3 initiatives in line with Saudi Vision 2030.
In conjunction with the agreement, a Convertible Notes Financing Term Sheet was executed by the Company and NEOM Investment Fund. The NEOM Investment Fund intends to make a $50 million investment in Animoca Brands. This amount will be raised by issuing convertible notes with a maximum conversion price of A$4.50 per share, totaling $25 million. This is comparable to the parameters disclosed by the Company on September 8, 2022. The balance of $25,000,000 will be used to acquire Company shares in the secondary market.
In accordance with the agreement, the two affiliated companies will create Web3 business service potential by utilizing international commercial relevance. This will be positioned to support the technological advancement in Riyadh and the NEOM region. The programs will include a variety of Web3 initiatives, such as establishing a regional Web3 ecosystem hub in NEOM. It will also assist in maximizing the potential of Animoca Brands, its affiliates, and its partners. The implementation of the conclusive documents regarding Convertible Notes Financing is contingent on a number of variables.
According to Majid Mufti, the chief executive officer of NEOM Investment Fund, the partnership with Animoca Brands will be extremely beneficial for NEOM’s digital framework. Web3 technology and framework development will play a crucial role in laying the foundation for NEOM’s tech stack and structure, as well as in reshaping the international business landscape. According to him, the collaboration will increase Web3 technology development and general acceptance.
The size of NEOM’s investment is particularly appealing to Yat Siu, co-founder and executive chairman of Animoca Brands. The corporations will collaborate to completely revolutionize modern ways of life by developing and implementing cutting-edge new technologies.
NEOM is a booster of human advancement and is futuristic. It is a place in northwest Saudi Arabia with the vision of building a living laboratory. Here, businesses will play a significant role in providing better living standards.
On the other hand, the NEOM Investment Fund is the strategic investment wing of NEOM. It was created to bring about an advanced and sustainable future. NIF will be backing the development of NEOM and introducing futuristic value throughout sector projects with big businesses, innovators, and the bigger institutional investment bodies that contribute towards the development of NEOM.
Animoca Brands is a benchmark for Web3 and utilizes blockchain to offer digital property rights targeting customers internationally. This is for setting up the open metaverse. The company is involved in developing an array of products, such as unique games like The Sandbox, PHANTOM GALAXIES, Life Beyond, and many others.
Source: https://www.cryptonewsz.com/animoca-brands-and-neom-company-to-foster-regional-web3-growth/