New Zealand-based law firm MinterEllisonRuddWatts provided legal counsel for the first-ever listing of an AI business on the NZX, as NZX listed firm Ascension Capital acquired Being AI for a conditional agreement valued at $45m. The acquisition is subject to the approval of Ascension Capital shareholders, who will make a decision in March. After the acquisition, Ascension Capital plans to rebrand as “Being AI Limited”.
According to Business Desk NZ, Ascension Capital intends to capitalize most of its debt into new shares and raise capital to finance the growth of its AI consultancy, ventures, and labs divisions. Being AI, a branch of AI consulting company Being Consultants, is focused on providing AI sector insights, aiding companies in digital transformations, and investing in AI technologies.
Source: NZ Lawyer
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