Toggle3D.ai revealed that it has finalized the spin-out IPO from Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) and is now trading on the Canadian Securities Exchange (CSE) under the ticker symbol “TGGL.”
Toronto-based Toggle3D.ai is a groundbreaking software as a service (SaaS) solution that utilizes generative artificial intelligence (AI) to convert computer-aided design (CAD) files, apply stunning 4K texturing, and enable seamless publishing of high-quality 3D models. It serves industries within the rapidly growing $160 billion computer-generated imagery (CGI) market.
Nexech3D.ai owns 13 million common shares in escrow or about a 50% ownership stake in Toggle 3D.
Toggle3D has raised $2,158,118 and issued 8,632,473 units at a price of $0.25 per unit. Each unit consists of one common share and one share purchase warrant with each warrant being convertible into an additional share at an exercise price of $0.50 for a period of 36 months from the date of issuance.
According to the company, four million Toggle3D shares have been issued as a stock dividend to Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) shareholders on a pro-rata basis and are expected to settle in brokerage accounts this week.
Toggle3D.ai’s spin-out follows Nextech's successful spin-out in October last year of its wayfinding technology company ARWay Inc, which is currently trading on the CSE.
Toggle3D.ai CEO Evan Gappelberg said: “With today’s listing of Toggle3D, we successfully raised over $2.1 million dollars without selling any Nextech shares, and issued 4 million new shares in TGGL to our shareholders, representing approximately a 3.6% stock dividend, while retaining 13 million shares in TGGL.”
He added: “We are continuing to deliver value for our shareholders with these spin-off companies while at the same time we are continuing to build our core business of delivering 3D models to Amazon and others.”
With its Augmented Reality-based rapid prototyping web app, Toggle3D empowers designers, artists, marketers, and e-commerce owners to effortlessly convert, texture, customize, and publish high-quality 3D models and experiences, regardless of technical or 3D design expertise.
Toggle3D is a standalone public company, with plans to expand its presence to the Frankfurt and OTC markets in the near future.
The company noted that the move will “drives innovation and unlocks substantial shareholder value.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive