Information Technology

Micro-X Ltd (ASX:MX1) Announces Strategic Partnership and Equity Investment

ClubAI 10:49 am

Strategic Partnership

Micro-X Ltd has entered a strategic partnership with Billion Prima Sdn Bhd, a Malaysian developer of hi-tech scanning solutions. The agreement includes a A$3.2m Scanner Commercialisation Project to monetise Micro-X’s NEX Technology in South-East Asia. Billion Prima will receive exclusive rights to manufacture and sell the new scanning unit in the region for 20 years.

Equity Investment

As part of the partnership, Billion Prima will make a A$2.4m strategic equity investment at a 15% premium to the last traded price. This investment will result in Billion Prima holding 4.4% of Micro-X’s issued shares upon completion by 12 February 2025. The total partnership deliverables amount to A$5.6m, with A$3.4m paid to Micro-X by the specified date.

Executive Comments

Chief Executive Officer Kingsley Hall stated, “We are incredibly excited to be working with Billion Prima, a key player in the South-East Asian baggage, parcel and cargo scanning market. This partnership will significantly strengthen our balance sheet and provide a source of future ongoing revenue from our proprietary technology.”

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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