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RingID future developments attracts CAD 250 Million ($200M USD) Capital Commitment from Global Emerging Markets (GEM)

The Company seeks to go public via SPAC or Traditional IPO

by Alex Carey
March 24, 2022
in World
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RingID future developments attracts CAD 250 Million ($200M USD) Capital Commitment from Global Emerging Markets (GEM)
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Montreal-Based Social Commerce company ringID, has announced 200 million USD investment commitments from GEM Global Yield LLC SCS (“GGY”),a Luxem bourg based private alternative investment group.  GEM will provide ringID with a share subscription facility of up to 250 Million CAD ($200 Million USD) for a 36-month term following a public listing, which will allow ringID to draw down funds by issuing shares of common stock to GEM. ringID will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation.Concurrent with a public listing ringID will issue warrants to GEM to purchase up to 4.8% of the common stock of the company.

“We are very excited to execute the agreement with GEM as this brings us to the next level of growth and expansion,” said Ayrin Islam, Co-Founder & CEO of ringID. “We are planning to go public through either a merger with a Special Purpose Acquisition Company (SPAC) or a direct listing on the NASDAQ”.

Ayrin Islam also stated that GEM’s capital markets industry expertise,as well as its ability to provide significant strategic &financial support will allow ringID to succeed as it continue to improve services, grow user base, and expand into additional addressable markets.

ringID will utilize this facility to tap further the full potential of the thriving Social Commerce market in the South Asia as the industry  is expected to grow worldwide to over USD  $3 trillion dollars in the next eight years.The Company will use GEM’s capital to strengthen its business by funding its continued ambition to become market leaders.

Montreal-based,ringID is the world’s first Community Social Network that empowers millions by building the next-generation platform for Social Commerce—powered by fintech. It’s an all-in-one experience social network including Voice & Video calls, Chat & Secret chat, Newsfeed, Media channels, Multi-User Interactive Live and Social Marketplace along with in-Built Wallet. ringID is conceptualized to simplify people’s lives creating a Community Social Network, where every user has a scope to earn & gain a financial benefit.  South Asia focusedringID hasmanaged to amass 20 million + users by offering an option to earn according to their contribution using their knowledge & offering in professional services within the ecosystem. Currently,about 12-15 million Monthly Active Users (MAU) engage themselves withinthe ringID ecosystem on a regular basis while using its multi-dimensional features. Similarly, more than 1 million dailyusers are actively earning and making a living from the ecosystem utilizing their existing skills and knowledge.

ringID’s anchor investor, GEM Global Yield, is a $3.4bn Luxembourg-based private alternative investment group with offices in Paris, New York, and the Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 500 transactions in 72 countries. The family of funds and investment vehicles provides GEM and its partner’s exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.

The transaction has been advised by Licorne Gulf, a specialised advisory firm focusing on capital raising based out of Bahrain, Saudi Arabia, London, and Geneva, founded by Alexandre Katrangi and Irina Duisimbekova. The company has 25 years of international experience with fundraising, M&A, development, and advisory for SMEs, Fortune 500 companies, and family businesses.

 

Alex Carey

Alex Carey

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