Society Pass Inc. (SoPa), the Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, has announced an equity line of up to $40 million to invest into operating subsidiaries projected to go public in 2024.

SoPa said in a statement on Thursday that it has entered into a structured financing agreement for an equity line of credit with Strattners FZCO (Strattners) to efficiently access capital.

SoPa will have the right, but not the obligation, to sell to Strattners up to $40 million of SoPa’s common stock at SoPa’s request over the next 36 months, subject to certain limitations.

When the company’s public float is less than $75 million, it may not sell more than the equivalent of one-third of its public float during any twelve consecutive months pursuant to the baby shelf rules.

The shares of the company’s common stock will be issued at a 6 percent discount to the lowest volume-weighted average price during the three trading days following the date of the company’s request.

“By raising this capital from Strattners, without paying large commissions and fees, we will generate shareholder value by efficiently deploying such capital into our operating subsidiaries, such as our spinout candidates, Thoughtful Media Group Inc and NusaTrip Inc,” said Raynauld Liang, Chief Executive Officer of SoPa.

“This financing strategy also allows us to opportunistically invest in acquisitions as well as bolster our working capital and shall be used judiciously when market conditions for our common stock are favorable,” he added.

Founded in 2018 and was listed in United States in November 2021, SoPa is an acquisition-focused holding company operating six interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and food and beverage [F&B]).

The firm has offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore.

SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands.

SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a Indonesia-based online travel agency; VLeisure, Vietnam’s provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;, Vietnam’s lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

Society Pass to spin out TMG, Nusatrip into new publicly-traded companies via Nasdaq IPOs in 2024