Splitit Payments Ltd announced that it has entered into a definitive agreement to issue non-convertible preferred shares for the gross proceeds of $50,000,000on August 16, 2023. The transaction will include participation from new investor Motive Capital Management, LLC. The transaction is subject to approval of the shareholders.

The proposed $50,000,000 investment is comprised of two $25,000,000 tranches in exchange for the issuance of new preference shares. The first $25 million tranche will be invested immediately upon shareholder approval of the company voluntarily delisting from ASX and the redomicile of the company from Israel to the Cayman Islands by means of a share-exchange accomplished through a merger. The second tranche will be invested upon achieving certain 2023 full-year financial performance milestones and the satisfaction of certain customary closing conditions.