Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has updated shareholders about the upcoming spin-off of ARway, a no-code spatial computing platform for the real-world Metaverse, including the receipt of conditional approval for listing.
Initially announced in June 2022, the spin-off will result in ARway becoming a stand-alone public company, marking what Nextech AR believes will be the first publicly traded “pure play” no-code spatial computing platform for wayfinding. Nextech AR shareholders will receive a total of 4 million new shares in ARway on a pro-rata basis.
The ARway solution is set to disrupt indoor navigation with a no-code platform that does not require any capital expenditure - like installing indoor positioning beacons or bluetooth - to spatially map indoor spaces, all that is needed is a QR code to activate, the company said.
READ: Nextech AR Solutions appoints Melea Guilbault as new CEO of its Map D event tech platform
ARway Listing Updates:
- The company has received conditional Canadian Securities Exchange (CSE) listing approval
- The approved new Canadian Securities Exchange (CSE) trading symbol will be ARWY
- The trade date is expected to be in October on the CSE
- The company has begun working on getting dual-listed in the United States on the OTCQB, and Internationally on the Frankfurt Stock Exchange
- On Tuesday, September 13, 2022, the ARway prospectus was mailed to 30,000 Nextech AR shareholders
- An Annual General Meeting (AGM) is scheduled to take place on October 12, 2022
- After the AGM meeting, the final hearing to approve the plan of arrangement is scheduled for October 18, 2022, with closing to occur on or about October 19, 2022.
Meanwhile, the ARway platform has transitioned to using QR Codes. Nextech AR said it has also implemented a new technology development; rather than using a point cloud to localize the user and launch the relevant spatial map experience, ARway will now be using QR codes. The change will be effective within 2 weeks and bring a host of benefits including greater accuracy as it enables fingerprint pre-defined visual features, prompt the app launch if the user does not already have the relevant app downloaded or opened, and increase the stability and speed of localizing the experience because they can help reliably load the relevant map experience.
Last month, Nextech AR announced that ARway is now adopting LiDAR technology to create hyper-accurate meshes for its metaverse spatial mapping software. The move to LiDAR technology enhances the ability of ARway to create high-quality meshes and spatial mapping solutions, setting the stage for ARway’s have a leadership position in the rapidly-growing wayfinding and spatial computing market.
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough AI, Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse.
Contact the author at jon.hopkins@proactiveinvestors.com