Brief: Anoto Unit Knowledge AI Receives Investor Term Sheet For $4 Mln

Inq AB (publ)

17/09/2020 07:07

Sept 17 (Reuters) - Anoto Group AB  ANOT.ST :
    * REG-ANOTO'S EDUCATION SUBSIDIARY KNOWLEDGE AI INC RECEIVES
AN
INVESTOR TERM SHEET FOR USD 4 MILLION
    * RECEIVED A TERM SHEET FROM A GROUP OF REPUTABLE FAMILY
OFFICES
AND INDIVIDUAL INVESTORS FROM SOUTH KOREA TO INVEST IN KNOWLEDGE
AI.
    * PROPOSED INVESTMENT IS USD 4 MILLION AT A PRE-MONEY
VALUATION OF
USD 35 MILLION, AND CLOSING IS TO OCCUR WITHIN A FEW WEEKS
SUBJECT TO FINAL DUE DILIGENCE
    * FOLLOWING COMPLETION OF INVESTMENT, NEW INVESTORS ARE
EXPECTED
TO OWN APPROXIMATELY 13% OF OUTSTANDING SHARES IN KNOWLEDGE AI
AND ANOTO APPROXIMATELY 68%
    * PROCEEDS WILL BE USED FOR WORKING CAPITAL AS WELL AS
BUILDING AN
INVENTORY OF DIGITAL PENS

Source text for Eikon:  ID:nGNE86cyR4 
Further company coverage:  ANOT.ST 

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