- MyFiziq (MYQ) has received a payment of US$450,000 (around A$644,000) under the convertible note subscription deed with Asia Cornerstone Asset Management
- In June, MyFiziq announced it had received a US$1.5 million (roughly A$2.14 million) funding agreement to list on the Nasdaq Capital Market
- This payment is the third to be received and was paid two weeks ahead of schedule
- MyFiziq will receive the final payment 14 days from the date of when it engages an underwriter or investment bank to provide services with the listing
- The company is hoping to list by the end of this year or early 2021
- MyFiziq is up 3.7 per cent on the market and shares are currently trading for 28 cents each
MyFiziq (MYQ) has received a payment of US$450,000 (around A$644,000) under the convertible note subscription deed with Asia Cornerstone Asset Management.
This payment was received two weeks ahead of schedule and was meant to be received 14 days from the date that MyFiziq files a registration statement with the U.S. Securities and Exchange Commission.
This statement will be filed in the upcoming weeks.
On June 1, MyFiziq announced that it had received a US$1.5 million (roughly A$2.14 million) funding agreement to from Asia Cornerstone Asset Management (ACAM) to list on the Nasdaq Capital Market.
This sum will be paid in four tranches with payments for the first three now received.
The final tranche will consist of US$375,000 (around A$537,000) and will be paid 14 days from the date MyFiziq engages an underwriter or investment bank to provide services with the Nasdaq listing.
Additionally, the company has received A$382,139 in partner payments to date.
“We continue to bolster the company’s cash position with the ACAM funding along with partner payments received to the tune of $382,139,” Chief Financial Officer Steven Richards said.
“This increases the company’s cash at bank balance at the time of this release to $1,792,786 as the company continues to strengthen its balance sheet,” he added.
The company is hoping to list on the Nasdaq by the end of this year or early 2021.
MyFiziq is up 3.7 per cent on the market and shares are trading for 28 cents each at 12:17 pm AEST.