Co-founder Nolledo to infuse P100 million into Xurpas
Xurpas, Inc. co-founder and听chairman Nico听Jose S.听Nolledo听is infusing P100 million in fresh capital into the troubled listed firm.听听
In a disclosure to the stock exchange,听Xurpas听said the company approved the issuance of common shares to Mr.听Nolledo.听
The subscription price will be based on听Xurpas听shares’ 30-day weighted average price, and subject to a 5% premium and a floor price of P0.55 each share.听听
“The fresh capital infusion amounting to P100 million will primarily be used for the expansion of听Xurpas’ core enterprise business, specifically the IT staff augmentation business,” the company said.听
Xurpas听said the funds will also be used for employee benefits, research and development, and equipment upgrade.听
“The past two years have been quite challenging, all the more so due to the ongoing pandemic. But there have also been opportunities for growth, as many companies try to accelerate their digital transformation and other IT initiatives. We have made meaningful progress in rebuilding our revenue base by focusing on staff augmentation,”听Xurpas听President Alexander D. Corpuz was quoted as saying.听
“Mr.听Nolledo鈥檚听continued support through this infusion will go a long way towards allowing us to further grow the business, while strengthening our balance sheet,” Mr. Corpuz added.听
The agreement was signed on Jan. 20. Mr.听Nolledo听will pay the total subscription price within 30 days.听
On Friday, Xurpas shares surged 34.18% to close at P0.53 apiece. — Luisa Maria Jacinta C. Jocson听
