iSignthis backs close to a third of NSX's $3.5m capital raise

iSignthis backs close to a third of NSX's $3.5m capital raise

The National Stock Exchange of Australia (ASX: NSX) has completed a $3.5 million capital raise today, with nearly a third of the funds coming from outgoing interim CEO John Karantzis' iSignthis (ASX: ISX).

The funds will be used for working capital, and for finalising upgrades to the exchange's NASDAQ-modelled trading engine as well as corporate IT systems.

In addition, the NSX will deploy some of the funds to commence a search for, and appoint, a new CEO to manage the growing exchange business

Current interim CEO John Karantzis, also the founder of iSignthis which contributed $1 million to the placement, will be stepping down from his role at the exchange to focus on growing his payments service provider.

"The company is delighted with the support from existing and new shareholders," Karantzis said.

"The result ensures that the company will be able to continue with its strategy and business initiatives."

In October last year shares in the NSX hit a high after the exchange announced its iSignthis-developed blockchain system was "operationally ready" for a 2021 launch.

The company's price continued to climb, reaching another peak in November after the group's AGM.

Shares have since fallen back to the level they were at in October last year after the Australian Securities and Investment Commission (ASIC) announced it was taking Karantzis to court, alleging the technology group failed its disclosure obligations and misled the public.

Meanwhile iSIgnthis shares have been suspended from trading on the ASX for around 19 months as the company is engaged ion a bitter war of words with the mainstream market operator.

 

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