Treasure Global Inc Announces Major Shareholder Lock-up Agreement
November 13 2023 - 7:00AM
Treasure Global Inc (NASDAQ: TGL) (“TGL” or the “Company”), a
leading innovative technology solutions provider, announced today
the execution of a Lock-up Agreement with major shareholders,
collectively holding 9,983,416 shares, which accounts for 36.40% of
the Company’s outstanding shares. This strategic move underscores
the Company’s unwavering commitment to stabilizing stock prices and
enhancing investor confidence.
The Lock-up Agreement was endorsed by key stakeholders,
including Loke Chee Wai, a director of AI Lab Martech Sdn Bhd, Lim
Kok Seng, a Director of Tophill Holdings Sdn. Bhd., Wan Zainuddin
Bin Wan Ibrahim, a Director of The Evolutionary Zeal Sdn Bhd, and
Chong Chan “Sam” Teo, Chief Executive Officer of Treasure Global
Inc, with the primary objective of fortifying long-term stock value
and fostering market stability.
According to the terms of the agreement, the signatories have
pledged to refrain from any disposition of common stock or
securities convertible into shares of Treasure Global Inc for a
duration of one year, starting from November 10, 2023. The
agreement allows for certain exceptions, permitting specific
transactions such as gifts, family transfers and inclusion in
employee benefit plans.
“We view this Lock-up Agreement as a testament to our unwavering
commitment to fostering a resilient and sustainable investment
climate for our valued shareholders,” stated Chong Chan “Sam” Teo,
Chief Executive Officer of Treasure Global Inc. “We are confident
that this initiative, covering a substantial portion of our
outstanding shares, will strengthen investor confidence and pave
the way for the Company’s sustained growth and success.”
About Treasure Global Inc
Treasure Global is a Malaysian solutions provider developing
innovative technology platforms. Treasure Global has developed two
technology solutions: the ZCITY App, a unique digital ecosystem
that transforms and simplifies the e-payment experience for
consumers, while simultaneously allowing them to earn rewards; and
TAZTE, a digital F&B management system providing merchants with
a one-stop management and automated solution to digitalize their
businesses. Treasure Global also acts as a master franchiser in
Southeast Asia for popular restaurant chains, while providing them
with the TAZTE solution. As of November 6, 2023, ZCITY had over
2,660,000 registered users.
For more information, please
visit https://treasureglobal.co/.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are characterized by
future or conditional verbs such as “may,” “will,” “expect,”
“intend,” “anticipate,” “believe,” “estimate” and “continue” or
similar words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are not guarantees of future
performance, are based on certain assumptions, and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the control of the Company, including those set forth in
the Risk Factors section of the Company’s Annual Report on Form
10-K for the fiscal year ended June 30, 2023 and subsequent filings
filed with the Securities Exchange Commission (“SEC”). Copies of
these documents are available on the SEC’s website, www.sec.gov.
These forward-looking statements cannot be predicted or quantified
and consequently, actual results may differ materially from those
expressed or implied by such forward-looking statements. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
For further information, please contact:
U.S. Investor ContactPhill CarlsonKCSA
Strategic Communicationsir_us@treasuregroup.co
Malaysian Investor
Contactsir_my@treasuregroup.co
Media ContactSue Chuah, Chief Marketing
OfficerTreasure Global Incmediacontact@treasuregroup.co
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