AIMIA INVESTS ADDITIONAL $31.6 MILLION IN TRADE X
(All figures in Canadian dollars unless otherwise noted)
TORONTO, Dec. 17, 2021 /CNW/ - Aimia Inc. (TSX: AIM), is pleased to announce that it has invested $31.6 million (US$25.0 million) in a Convertible Note of TRADE X, the proceeds of which will be used by TRADE X to continue executing its growth strategy.
The Convertible Note is expected to convert to equity at a minimum of a 15% discount to the pre-money valuation of TRADE X's next qualified financing round. Aimia led TRADE X's most recent equity round with a $44.0 million (US$35.0 million) investment at a US$250 million pre-money valuation.
This Convertible Note will increase Aimia's total capital invested in TRADE X to $75.6 million (US$60.0 million).
Phil Mittleman, CEO of Aimia, said: "We are very pleased with the rapid growth and profitability of TRADE X, as they continue to expand their platform globally. We are proud to strengthen our partnership and support their continued growth."
About Aimia
Aimia Inc. (TSX: AIM) is a holding company with a focus on making long-term investments in public and private companies, on a global basis, through control or significant minority positions.
The company owns a portfolio of investments which include: a 10.85% stake in Clear Media Limited, one of the largest outdoor advertising firms in China, a 48.8% equity stake in Kognitiv, a B2B technology company enabling collaborative commerce, a 12.3% equity stake in TRADE X, a global B2B cross-border automotive trading platform as well as a wholly owned investment advisory business, Mittleman Investment Management, LLC.
For more information about Aimia, visit www.aimia.com.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon our current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature, including expectations regarding conversion of the Convertible Note to equity at a minimum of a 15% discount to the pre-money valuation of TRADE X's next qualified financing round, constitute forward-looking statements. Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to us can be found in Aimia's current Management Discussion and Analysis and Annual Information Form, each of which have been or will be filed on SEDAR and can be accessed at www.sedar.com. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and we disclaim any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aimia Inc.
Media, Analysts, and Investors: Tom Tran, MBA, Head of Investor Relations and Communications, (647) 208-2166, [email protected]
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