noco-noco (NCNC) Announces Up to $150M Committed Equity Facility

noco-noco Inc (“noco-noco" or the “Company”) (NASDAQ: NCNC), today announced that it has entered into a standby equity line of credit (“ELOC”) with Arena Investors, LP affliate, Arena Business Solutions (“ABS”) which become effective on August 29, 2024. Under the terms of the ELOC, the company will have the right, but not the obligation, to issue and sell to Arena up to $150 million in shares of the Company’s common stock. Its post effective amendment on the Registration Statement on Form F-1/A dated August 16, 2024, has been declared effective by the U.S. Securities and Exchange Commission on August 19, 2024. The ELOC will significantly improve the company's financial flexibility, strengthen its shareholder equity and accelerate its progress toward commercialisation of X-SEPATM.

Masataka Matsumura, Chief Executive Officer and Director of the company commented, “This financing facility is part of our key strategy to raise funds. With this new financing, we have greater financial flexibility and can plan with greater clarity and confidence as we accelerate our commercialisation plans. We are pleased to welcome ABS as our funding partner and are working diligently to drive the global shift toward a cleaner, greener, and smarter future. With our innovative technologies and practical solutions, we simplify the path to a more sustainable world. We will also be providing an update on the company's business plans shortly.”

The information contained in this press release does not constitute an offer to sell or the solicitation of an offer to buy shares of noco-noco common stock.

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