As previously announced, the Wahana Group has signed up for $200 million in Series F and Series G convertible preferred stock. KinerjaPay said the stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
The $100 million SWIFT transfer represents the first leg of that investment in the Delaware-based digital payment and e-commerce platform.
KinerjaPay’s stock recently traded at $0.63, up 22% following the news.
“Once the funding process is complete, we will conduct our stock buyback and complete the strategic acquisitions that have been announced,” said CEO Edwin Ng. “KPAY's growth plan will be greatly accelerated."
The American company, which started in Indonesia, plans to grow its South-East Asian digital payments and microloans business while evaluating potential acquisitions over the next 11 months.
KinerjaPay’s services include the company’s KinerjaPay IP digital payments and e-wallet system (KPAY) and KinerjaFund (KFUND) microloan service. KinerjaPay’s focus is on regions with large un-banked and under-banked populations, and areas with minimal use of traditional credit cards.
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