Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said it has received conditional approval from the Canadian Securities Exchange (CSE) for the listing of its standalone web application, Toggle3D.AI.
The new CSE trading symbol for the company is TGGL, and trading is expected to commence in the first half of June 2023.
Nextech3D.AI also said it has begun working on getting dual-listed in the United States on the OTC and internationally on the Frankfurt Stock Exchange.
The company plans to mail the Toggle3D.AI prospectus to 30,000 Nextech3D.AI shareholders on April 27, 2023. After the annual general and special meeting (AGSM) on June 5, 2023, the final hearing to approve the plan of arrangement is scheduled for June 9.
The listing date for Toggle3D.AI will follow shortly after. Initially announced in February 2023, the spin-off will result in Toggle3D.AI becoming a standalone public company, with Nextech3D.AI retaining an aggregate of 13,000,000 common shares, and Nextech shareholders of record receiving a total of 4,000,000 newly issued dividend shares in Toggle3D.AI on a pro-rata basis.
In a statement, Evan Gappelberg, CEO of Nextech3D.AI, commented: "We're excited to receive conditional listing approval for Toggle3D.AI and to be one step closer to finalizing the spinoff. We believe that Toggle3D.AI has the potential to disrupt the 3D design industry and drive significant value for our shareholders."
Toggle3D.AI's platform allows product designers, marketing professionals, and eCommerce site owners to create and publish high-quality 3D models and experiences without any technical or 3D design knowledge.
The announcement comes as Nextech3D.AI continues to expand its augmented reality (AR) solutions portfolio, with offerings in eCommerce, education, and events. The company plans to leverage its expertise in AR to help customers create more engaging and interactive experiences.
Contact the author at jon.hopkins@proactiveinvestors.com