The information contained within this announcement
is deemed by the Company to
constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part
of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018. Upon the publication of
this announcement via
the Regulatory Information Service,
this inside information is now considered to be in
the public domain.
07 November 2024
Meme Vault
PLC
(formerly Pitch Pit
PLC)
("Meme
Vault" or the "Company")
Change of Name, New Strategy
and Placing Update
The Company is pleased to announce
that it has changed its name from Pitch Pit PLC to Meme Vault PLC.
The change of name was registered on Companies House on 05 November
2024. The Company's ticker symbol, under which its shares are
currently traded on the AQSE Growth Market namely, "PICH", will be
changed to "MEME". The name change and new ticker will take effect
on the AQSE Exchange on 08 November 2024, at 8.00 a.m.
Strategy and Placing
The Company previously announced its
intention to develop an artificial intelligence and technology
accelerator. However, due to adverse market conditions, the Company
has decided to pivot towards a new strategic focus. This updated
strategy involves transitioning into a holding company with a
diverse portfolio of investments in a broad range of cryptocurrency
assets and Web3 projects (the "Strategy"). Through this approach,
the Company aims to capitalise on emerging opportunities within the
digital asset landscape, leveraging its resources to support
innovative projects in blockchain and Web3 technologies.
To facilitate this new Strategy, the
Company plans to incorporate a wholly owned subsidiary in the
United Arab Emirates ("UAE"), specifically in Dubai, where it will
conduct its primary operations and apply for the relevant licences
required to advance these projects. Dubai has been selected as the
preferred location due to its favourable regulatory environment and
supportive business ecosystem for such businesses.
On 6 September 2024, the Company
announced its intention to raise up to £500,000 by way of a placing
(the "Fundraise") of new ordinary shares at a pre-money valuation
of circa £1.5 million. The Company remains committed to the
Fundraise; however, given the change in strategy and current market
conditions, it is anticipated that the Fundraise will now be
completed by the end of Q4 2024 at a revised valuation. Proceeds
from the Fundraise will be used to support the Company's working
capital requirements and to drive forward its new Strategy. Further
announcements will be made once the Fundraise is
complete.
Board Composition
The board of directors will remain
unchanged with Brian Stockbridge as Non-executive Chairman, Jeremy
Woodgate and Derek Lew as Non-executive Directors.
Chandila Fernando and Judith Hough
will no longer be joining the Company as Directors. Additional
board appointments will be made as the Company
progresses.
The new website is expected to be
fully operational shortly and further details will be provided in
future announcements.
The Directors of the Company take
responsibility for this announcement.
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Meme Vault PLC
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Brian Stockbridge
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Via Alfred Henry
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Alfred Henry Corporate Finance Ltd
AQSE Corporate
Advisor
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Nick Michaels, Maya Klein
Wassink
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+44
(0) 20 8064 4056
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