December 19, 2022
Nextech AR Solutions Corp. is pursuing a direct spinout of its Toggle3D design studio software-as-a-service software platform through a wholly-owned subsidiary of the company. The transaction is currently anticipated to proceed by way of plan of arrangement pursuant to which the Toggle3D and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations. Nextech shareholders will receive Toggle3D (Spinco) Shares distributed directly to the shareholders of Nextech on a pro-rata basis.
On October 26, 2022 Nextech successfully completed the spinout of ARway on the Canadian Securities Exchange. The company believes that by spinning out Toggle3D it will unlock additional shareholder value. With the spin-out structure of ARway the company plans to have similar terms and conditions for the spin-out of Toggle3D.
“We believe there is a tremendous amount of value currently trapped inside Nextech and these spin-outs are aimed at unlocking that value by listing pure play technology companies,” says Evan Gappelberg, CEO of Nextech AR commented, This Toggle3D spin-out and the possibility of additional future spin-outs are intended to unlock the value of the technology that we have been heavily investing in, incubating and building inside Nextech for the last 4 years,” he says. “After 16 years of walking around with a smartphone in our pockets the next generation of devices is about to emerge in the form of computer glasses.
“Once launched, computer glasses will become the device of choice in 2023 and beyond causing everything 3D to go up in value practically overnight,” Gappelberg adds. “We believe that a 3D spatially aware world is the next evolution of our computer-driven world. We see it becoming a major focus of investors in 2023 when Apple Computer releases a pair of computer glasses, which perfectly positions, Nextech, ARway and now Toggle3D.”
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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