Change of Name, New Strategy and Placing Update
07/11/2024 12:58
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RNS Number : 4050L Pitch Pit PLC 07 November 2024
The information contained within this announcement is deemed by the Company
to constitute inside information stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.
07 November 2024
Meme Vault PLC
(formerly Pitch Pit PLC)
("Meme Vault" or the "Company")
Change of Name, New Strategy and Placing Update
The Company is pleased to announce that it has changed its name from Pitch Pit
PLC to Meme Vault PLC. The change of name was registered on Companies House on
05 November 2024. The Company's ticker symbol, under which its shares are
currently traded on the AQSE Growth Market namely, "PICH", will be changed to
"MEME". The name change and new ticker will take effect on the AQSE Exchange
on 08 November 2024, at 8.00 a.m.
Strategy and Placing
The Company previously announced its intention to develop an artificial
intelligence and technology accelerator. However, due to adverse market
conditions, the Company has decided to pivot towards a new strategic focus.
This updated strategy involves transitioning into a holding company with a
diverse portfolio of investments in a broad range of cryptocurrency assets and
Web3 projects (the "Strategy"). Through this approach, the Company aims to
capitalise on emerging opportunities within the digital asset landscape,
leveraging its resources to support innovative projects in blockchain and Web3
technologies.
To facilitate this new Strategy, the Company plans to incorporate a wholly
owned subsidiary in the United Arab Emirates ("UAE"), specifically in Dubai,
where it will conduct its primary operations and apply for the relevant
licences required to advance these projects. Dubai has been selected as the
preferred location due to its favourable regulatory environment and supportive
business ecosystem for such businesses.
On 6 September 2024, the Company announced its intention to raise up to
£500,000 by way of a placing (the "Fundraise") of new ordinary shares at a
pre-money valuation of circa £1.5 million. The Company remains committed to
the Fundraise; however, given the change in strategy and current market
conditions, it is anticipated that the Fundraise will now be completed by the
end of Q4 2024 at a revised valuation. Proceeds from the Fundraise will be
used to support the Company's working capital requirements and to drive
forward its new Strategy. Further announcements will be made once the
Fundraise is complete.
Board Composition
The board of directors will remain unchanged with Brian Stockbridge as
Non-executive Chairman, Jeremy Woodgate and Derek Lew as Non-executive
Directors.
Chandila Fernando and Judith Hough will no longer be joining the Company as
Directors. Additional board appointments will be made as the Company
progresses.
The new website is expected to be fully operational shortly and further
details will be provided in future announcements.
The Directors of the Company take responsibility for this announcement.
Meme Vault PLC
Brian Stockbridge Via Alfred Henry
Alfred Henry Corporate Finance Ltd
AQSE Corporate Advisor
Nick Michaels, Maya Klein Wassink +44 (0) 20 8064 4056
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