Singapore, Sept. 13, 2024 —
noco-noco Inc Announces Significant New Financing
– Committed Equity Facility Up to $150 million –
– Significantly Strengthens Financial Flexibility and Advances Progress Toward Start of X-SEPATM Production –
– F-1/A Registration Statement Effective on August 19, 2024 –
noco-noco Inc (“noco-noco” or the “Company”) (NASDAQ: NCNC), announced today that it has secured a standby equity line of credit (“ELOC”) from Arena Investors LP (“Arena”), effective August 29, 2024. This agreement grants noco-noco the right to issue and sell up to $150 million in common stock to Arena. The company’s F-1/A Registration Statement, amended on August 16, 2024, was declared effective by the U.S. Securities and Exchange Commission on August 19, 2024. This ELOC will significantly enhance noco-noco’s financial flexibility, bolster its shareholder equity, and accelerate its commercialization efforts for X-SEPATM.
Masataka Matsumura, Chief Executive Officer and Director of noco-noco, commented, “This financing facility aligns with our strategic fundraising efforts. With this new financing, we enjoy greater financial flexibility, allowing for more confident and clear planning as we expedite our commercialization plans. We are delighted to welcome Arena Investors LP as our funding partner and are fully committed to driving the global shift towards a cleaner, greener, and smarter future. Our innovative technologies and practical solutions streamline the path to a more sustainable world. We will be providing a business plan update shortly.”
The information contained in this press release does not constitute an offer to sell or the solicitation of an offer to buy shares of noco-noco common stock.
About noco-noco
noco-noco Inc (NASDAQ: NCNC) is a technology solutions provider dedicated to accelerating the global transition to a decarbonized economy. Built upon X-SEPA™, a revolutionary battery separator technology developed in Japan and designed for long-lasting and high heat-resistant performance, noco-noco addresses the urgent need for clean, affordable, and sustainable energy storage solutions.
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Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and information currently available to noco-noco. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections, or other characterizations of future events or circumstances, the markets in which noco-noco operates as well as any information concerning possible or assumed future results of operations of noco-noco, are also forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although noco-noco believes that it has a reasonable basis for each forward-looking statement contained in this communication, noco-noco cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. noco-noco cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the impact of the global pandemic like COVID-19, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties. There may be additional risks that noco-noco presently does not know or that noco-noco currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by noco-noco and its respective directors, officers or employees or any other person that noco-noco will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of noco-noco as of the date of this communication. Subsequent events and developments may cause those views to change. However, while noco-noco may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of noco-noco as of any date subsequent to the date of this communication.
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