News: INT Corporation raising up to $19.9M

INT Corporation (ASX:INT) is raising up to $19.9 million through a fully underwritten issue of shares to fulfil one of the conditions required for the merger with AHAlife.

The company has the right to take oversubscriptions of a further $1.5 million, lifting the total amount that can be raised to $21.4 million.

In May, the company executed a conditional Merger Agreement to acquire New York based luxury digital marketplace platform AHAlife Holdings via an issue of 2,114,285,715 INT shares and options (pre-Consolidation).

AHAlife is a New York-based technology business that operates a global curated luxury marketplace. The business connects discerning consumers with more than 2,500 independent premium brands from over 65 countries from around the world.

Founded in 2010, AHAlife generates revenue streams from transactions without physically owning stock or having a costly logistics chain – a ‘digital marketplace drop-ship model’.   

Its backers include former CEO of Saks Fifth Avenue, current CEO’s of Rakuten, Net-a-Porter, William Morris Endeavour and VIP Shop, Former Chairman of LVMH North America and US based venture capital firms DCM and FirstMark Capital.

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