Morris Home Holdings Limited announced that it has entered into a non-legally binding memorandum of understanding with a new investor for a private placement of 1,300,000,000 common shares at a price of HKD 0.063 per share for gross proceeds of HKD 81,900,000 on April 22, 2022. As a part of the transaction, the investor will acquire 52% stake in the company. The company currently has a total of 1,200,000,000 shares in issue.

The transaction is subject to customary conditions such as all requisite regulatory and/or third-party consents, approvals and authorizations including the approval of the shareholders of the company.