mm2 failed to meet the conditions for the placement of new shares in the Asia-wide film and entertainment fundraising plan | Lianhe Zaobao

mm2 All Asia Entertainment (mm2Asia) failed to meet the conditions precedent for the placement of new shares, resulting in the failure of its fundraising plan, and the underwriting agreement has become invalid and terminated. The placement plan initiated by the company last July involved 1.875 billion new shares, aiming to raise up to SGD 15 million. The issue price of the new shares is set at SGD 0.008 or the volume-weighted average price (VWAP) for the 30 days prior to shareholder approval, and it requires approval from the Singapore Exchange and shareholders to proceed