Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has announced further news on the spin-off of Toggle3D, with plans to begin trading on the Canadian Securities Exchange (CSE) under the symbol TGGL on June 13, 2023, pending approvals.
The company said it will issue an exclusive dividend of 4,000,000 newly issued shares of Toggle3D to Nextech shareholders on a pro-rata basis.
Toggle3D is a revolutionary software-as-a-service (SaaS) solution that utilizes generative artificial intelligence (AI) to convert CAD files, apply 4K texturing, and enable seamless publishing of superior 4K 3D models. With its augmented reality (AR)-based rapid prototyping web app, Toggle3D empowers users across industries in the $160 billion CGI market to effortlessly convert, texture, customize, and publish high-quality 3D models and experiences, regardless of their technical or 3D design expertise.
"We are thrilled to announce the spin-off of Toggle3D as a standalone public company," said Nextech3D.ai management. "This strategic move not only drives innovation but also unlocks substantial shareholder value, reflecting Nextech's commitment to driving the industry forward."
Following the IPO spin-out, Nextech3D.ai will retain a 50% ownership stake in Toggle3D, holding approximately 13 million shares. The company is offering around 8,400,000 shares at $0.25 per unit, with a post-money valuation of $7.1 million after raising $2.1 million.
Toggle3D has seen significant growth and adoption since its Beta launch, with a 1,533% increase in sign-ups and a 1,664% increase in active projects as of May 17, 2023. The platform is set to launch out of Beta in June 2023 and has introduced breakthrough generative AI technology, as well as improved converting power for CAD files and machine learning and computer vision tools.
The company's goal is to become an industry leader in the estimated $160 billion global CGI application software market. Toggle3D has garnered interest from major enterprise brands, including LG, Honeywell, and VIZIO.
Nextech3D.ai has a track record of successfully spinning out innovative technologies, as demonstrated by the previous spin-out of ARWay. With the upcoming spin-off of Toggle3D, Nextech continues its mission of developing disruptive technologies and rewarding shareholders with stock dividends while retaining a significant ownership stake in each spin-out.
Contact the author at jon.hopkins@proactiveinvestors.com