WISeKey International Holding AG [NASDAQ: WKEY] disclosed Friday that it has inked a term-sheet to enter into an unsecured short-term loan and the issuance and subscription of convertible notes with Alpha Blue Ocean to finance its new TrustNFT.IO NFT platform to be rolled in June 2021.
The firm disclosed that it has got financing from Alpha Blue Ocean in the form of a short-term loan of $10.0 million. These are repayable over a period of 12 months. Compensations are to be paid either in cash. Moreover, the firm is demanding Alpha Blue Ocean to endorse convertible notes, up to a limit of $10.8 million, with the profit from the subscription being utilized to make compensation against the short-term loan.
Furthermore, the principal amount of each convertible note endorsed is repayable by way of conversion into Class B shares, par value CHF 0.05 each, of WISeKey. As payment for Alpha Blue Ocean’s financing pledge, WISeKey will be granted a number of warrants. Moreover, with Trusted NFT.IO WISeKey offers the most trustworthy and safe NFT platform for businesses to bring confidence to the hype surrounding NFT. Additionally, the firm offers a safe marketplace for purchasing and dumping NFTs, comprising artwork and excess goods.
It has been disclosed that this contract offers WISeKey door to adaptable funding. It enables the firm to speed up the implementation of NFCtrusted.IO, its new NFT business segment. Alpha Blue Ocean is confident regarding its investment in WISeKey. Moreover, it takes into account WKEY an evolving leader in the fast-growing market of AI & Cybersecurity.