FastForward Innovations Limited Investee Company Update: Factom Inc. (3741X)
August 27 2020 - 11:30AM
UK Regulatory
TIDMFFWD
RNS Number : 3741X
FastForward Innovations Limited
27 August 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
27 August 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Factom Inc.
FastForward Innovations Ltd is pleased to announce that the
revised Chapter 11 Plan of Reorganization for investee company
Factom, Inc. ('Factom'), which allows for FastForward's US$6
million SAFE note be converted to equity in Factom, has been
approved by the United States Bankruptcy Court for the District of
Delaware and shareholders of Factom. As a result, FastForward
expects the conversion of the SAFE note will occur in the coming
days and following this, the Company will hold 6,311,330 shares in
Factom, representing 30.39% of the issued share capital.
Whilst the Company's interest in Factom has been written down to
zero as announced on 14 April 2020, today's announcement forms part
of continuing action by the Company to recover value for
Shareholders from its investment in Factom. Further updates will
follow in due course.
As announced on 30 July 2020, a provisional agreement ('the
Agreement') was reached with Factom which proposed that
FastForward's US$6 million SAFE note be converted to equity by the
issue of 5,911,330 new shares in Factom. The Chapter 11 Plan of
Reorganization was amended by Factom to reflect the Agreement and
lodged with the Court on 30 July 2020. Following the confirmation
hearing, the revised plan has now been approved by the United
States Bankruptcy Court for the District of Delaware and
shareholders of Factom.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
*** ENDS***
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
-------------------------- ----------------------
Graham Dickson Optiva Securities Tel: +44 (0) 203 411
Limited, 1881
Broker
-------------------------- ----------------------
Susie Geliher / Beth St Brides Partners Tel: +44 (0)207 236
Melluish Ltd, 1177
Financial PR
-------------------------- ----------------------
About FastForward Innovations Limited
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEDLFLBVLFBBL
(END) Dow Jones Newswires
August 27, 2020 11:30 ET (15:30 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024