- NextPlay Technologies (NASDAQ:NXTP) said Tuesday it divested its online travel business NextTrip to a consortium led by former co-CEO William Kerby.
- NextPlay (NXTP) will receive non-voting convertible preferred LLC units of NextTrip in the amount of $4M.
- The convertible preferred LLC units are redeemable, can be sold subject to certain transfer restrictions, and are distributable to NextPlay (NXTP) shareholders of record once certain conditions are met, including upon a Nasdaq listing of NextTrip.
- NextTrip is pursuing a going public transaction.
- Kerby will leave NextPlay (NXTP) to assume the CEO role at NextTrip. Donald Monaco, Carmen Diges, and Kerby resigned as NextPlay directors to assume director roles on NextTrip's board.
- "The divestiture allows for increased focus on our core businesses in financial technology, digital banking, and ad-tech, and advances our initiatives in capital allocation," said NextPlay (NXTP) CEO Nithinan Boonyawattanapisut.
- NextPlay (NXTP) continues to explore strategic alternatives for its interactive TV business ZW.
- Earlier this month, the company implemented a 1-for-20 reverse stock split.
NextPlay divests online travel unit NextTrip to consortium led by former co-CEO Kerby
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Symbol | Last Price | % Chg |
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NextPlay Technologies, Inc. |