ZipTel steps closer to relisting with Douugh purchase update

Telecommunications business ZipTel is edging towards relisting on the ASX, with regulatory approvals gained for the purchase of fintech company Douugh.

ZipTel can now put the purchase to shareholders. If shareholders vote in favour of the buy, ZipTel anticipates its relisting to occur in late August this year.

The company announced the Douugh purchase in March after an extended time in voluntary suspension. Douugh uses artificial intelligence to help people without financial know-how manage their money, use it wisely, and build up their wealth.

ZipTel said in March once the buy is completed, it will take on Douugh’s name and relist under the ticker ‘DOU.’

As part of the transaction, ZipTel will consolidate its shares on a 1.1-for-two basis, based on its previous 20-day trading low of 1.1 cents per share. On top of this, ZipTel will tap shareholders for $4 million by issuing 133.33 million shares on a post-consolidation basis at three cents a pop.

To compensate the current owners of DOU, ZipTel will cough up 275 million ordinary shares, 75 million performance shares, and 75 million unlisted options exercisable at four cents each.

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Source: ZipTel steps closer to relisting with Douugh purchase update – The Market Herald