Prestige Wealth Inc. Announces Acquisition of Tokyo Bay
12 Novembre 2024 - 11:00PM
Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a
wealth management and asset management services provider based in
Hong Kong, today announced that, on November 12, 2024, it entered
into a definitive acquisition agreement pursuant to which PWM will
purchase all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a
company incorporated under the laws of the British Virgin Islands.
The total purchase price is US$1,500,000, subject to customary
closing purchase price adjustments, in the form of 2,500,000 newly
issued Class B ordinary shares of the Company at a price per Class
B ordinary share of US$0.60 to the seller and key employees of
Tokyo Bay. The Company will also grant warrants to purchase
1,875,000 Class A ordinary shares of the Company at an exercise
price per share equal to US$0.72 to the seller parties. The
warrants will become exercisable on the six-month anniversary of
the issuance date and will expire on the fifth anniversary from the
date on which they become exercisable. In addition, key employees
will be retained and continue to be employed by Tokyo Bay after
closing of the transaction. The acquisition agreement also includes
a third-year period non-competition and non-solicitation covenants
from the seller parties. Upon consummation of the acquisition of
Tokyo Bay, that certain business development & marketing
agreement by and between PWM and Tokyo Bay dated as of June 24,
2024 will be terminated. The acquisition of Tokyo Bay is expected
to close in the fourth quarter of 2024 and will enhance PWM’s
strategy and development in Asia wealth management industry.
About Prestige Wealth Inc.
Prestige Wealth Inc. is a wealth management and
asset management services provider based in Hong Kong, assisting
its clients in identifying and purchasing well-matched wealth
management products and global asset management products. With a
focus on quality service, the Company has retained a loyal customer
base consisting of high-net-worth and ultra-high-net-worth clients
in Asia. Through the Company’s wealth management service, it
introduces clients to customized wealth management products and
provides them with tailored value-added services. The Company
provides asset management services via investment funds that it
manages and also provides discretionary account management services
and asset management-related advisory services to clients. For more
information, please visit the Company’s website:
http://ir.prestigewm.hk.
About Tokyo Bay
Tokyo Bay is a company based in Tokyo, Japan.
Founded by experienced professionals, the Tokyo Bay team has
accumulated extensive premium client resources and local market
knowledge over the past years, providing wealth management
services, family affairs services, lifestyle management services
and related value-added services to high-net-worth clients in
Japan.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may” or other similar
expressions in this press release. They include statements about
the Company’s plans for the business of InnoSphere Tech and Tokyo
Bay; anticipated financial and other results from the acquisition
of InnoSphere Tech and Tokyo Bay and its integration into PWM;
expectations regarding revenue and cost synergies resulting from
the acquisition; discussion of other strategic initiatives and
related actions; and beliefs, expectations, intentions and
strategies, among other things. Forward-looking statements are
based on management's current beliefs, expectations and
assumptions, and involve a number of known and unknown risks and
uncertainties, many of which are out of PWM’s control.
The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s filings
with U.S. Securities and Exchange Commission.
For more information, please contact:
Prestige Wealth Inc.
Investor Relations Department
Email: ir@prestigefh.com
Prestige Wealth (NASDAQ:PWM)
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