NetClass Technology, a provider of smart IT solutions for the education sector, has entered into a $2.4 million private investment agreement with an institutional investor, which will purchase 1.5 million Class A ordinary shares at $1.60 each.
According to a news release, the deal is expected to close by Oct. 30, as long as all standard conditions are met. After the deal is finalized, the investor will also have the option to buy another 1.5 million shares at the same price anytime within the next three years.
NetClass plans to use the funding to accelerate its efforts in AI and blockchain. The company is reported to have already launched AI-powered language learning tools at several universities and is working to grow its blockchain-based education platform and drive adoption of its EDC token in Singapore, building on its recent move to establish a local subsidiary and relocate its global headquarters there.
“With Singapore now as our global headquarters, we are strategically positioned to leverage Singapore’s supportive policies for blockchain and AI, access world-class talent and capital and drive sustainable growth for our company, partners and shareholders,” NetClass’s Jianbiao Dai said in a statement:
