NZX-listed investors Ascension Capital have entered into a conditional agreement to acquire several businesses, to be collectively branded Being AI. Photo: 123RF
The local share market is likely to get its first artificial intelligence stock through a back door listing.
It was on announced Monday that listed investors Ascension Capital had entered into a conditional agreement to acquire several businesses, to be collectively branded Being AI - a newly-formed AI group.
The agreement valued the Being AI portfolio at $45 million, with a further adjustment of up to $35m on the cards, based on Ascension's share price.
The deal is subject to approval by Ascension shareholders, with a vote expected in March, and once completed, the company will change its name to Being AI Limited.
Ascension was placed in a trading halt pre-market open today.
Once the transaction is completed, the vendors of Being AI business assets would be issued 1.8m fully-paid ordinary shares at an issue price of 2.5 cents per share.
Ascension said it would also undertake a capital raising to fund the growth of the AI businesses.
The capital raising would be restricted to wholesale investors only due to market regulations.