Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) announced that it plans to acquire all of the outstanding shares of ARway Corporation, a spatial computing and augmented reality navigation platform, that it does not already own.
Nextech currently holds about 15 million shares of ARway, representing roughly 40% of the 37 million shares outstanding, while company management collectively owns another 20%.
The transaction is intended to consolidate Nextech’s technology stack by bringing ARway back under full ownership alongside Map Dynamics (Map D), its event technology platform.
"This transaction is about building a stronger, more efficient Nextech3D.ai,” Nextech3D.ai CEO Evan Gappelberg said in a statement.
“By consolidating ARway back into Nextech and aligning it closely with Map D, while reducing costs, eliminating redundancies, and streamlining operations across our event technology platforms.”
Nextech said the combined platform is expected to strengthen its event solutions by unifying setup and management, attendee-exhibitor matchmaking, venue navigation, ticketing, and payments, including planned blockchain-based capabilities.
ARway was originally incubated within Nextech and spun out in October 2022 before listing independently on the Canadian Securities Exchange. Its technology enables no-code, no-hardware augmented reality navigation using visual marker tracking.
Following completion of the deal, ARway would operate as a wholly-owned subsidiary of Nextech with its tools integrated into the Map D ecosystem.
“By fully integrating ARway with Map D, we are accelerating our vision of delivering a unified event technology suite powered by AI, 3D modeling, and immersive tools,” Gappelberg added.
The transaction is expected to be completed through a three-cornered amalgamation, with ARway merging into a wholly-owned subsidiary of Nextech.
Shareholders of ARway will receive Nextech common shares in exchange for each ARway share they hold. The exchange ratio and other final terms will be disclosed in a forthcoming shareholder circular.