- Alternative stock exchange NSX (NSX) has raised $3.5 million to help it find and appoint a new CEO
- Interim CEO John Karantzis has advised the NSX Board he will be stepping down to focus on his other business iSignthis (ISX)
- NSX will raise the funds via a share placement to investors and its own directors, with iSignthis to chip in $1 million as well
- Along with finding a new CEO, NSX plans to use the funds to update its IT systems and finalise its NASDAQ trading engine upgrade
- Shares in NSX are trading up 6.67 per cent at 16 cents each
Alternative stock exchange NSX (NSX) has raised $3.5 million to help it find and appoint a new CEO.
The announcement on Wednesday comes after the company’s interim CEO John Karantzis advised the NSX Board he will be stepping down.
The leader has stated he needs more time to focus on the growth of his other ASX-listed business iSignthis (ISX).
NSX will raise the $3.5 million in extra funds via a share placement to investors and its own directors, with iSignthis to chip in $1 million as well.
Under the offer, investors were offered NSX shares at 14 cents each with the placement falling within the company’s existing share capacity.
However, in order for iSignthis to buy $1 million worth of NSX shares the company will need to seek shareholder approval.
The funds raised by NSX will go towards its IT systems and finalise its NASDAQ trading engine upgrade, alongside finding a new CEO.
Commenting on the capital raise, outgoing CEO John Karantzis said he was thankful for the support.
“The company is delighted with the support from existing and new shareholders,” he said.
“The result ensures that the company will be able to continue with its strategy and business initiatives,” he added.
Shares in NSX are trading up 6.67 per cent at 16 cents each at 1:08 pm AEDT.