Prestige Wealth Inc. Announces Acquisition of Wealth AI, an AI-Driven Wealth Management Solution Provider
August 23 2024 - 4:30PM
Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a
wealth management and asset management services provider based in
Hong Kong, today announced that, on August 20, 2024, it entered
into a definitive acquisition agreement pursuant to which PWM will
purchase all shares of SPW Global Inc, a company incorporated under
the laws of the British Virgin Islands, which in turn wholly owns
Wealth AI PTE LTD. or Wealth AI, a company incorporated under the
laws of Republic of Singapore. The total purchase price is
US$4,500,000, subject to customary closing purchase price
adjustments, with US$3 million being paid in cash and the remaining
US$1.5 million being settled in the form of 1,900,000 class A
ordinary shares and 500,000 class B ordinary shares of the Company
issuable to the seller and key employees of Wealth AI. In addition,
key employees will be retained and continue to be employed by
Wealth AI after closing of the transaction. The acquisition
agreement also includes a third-year period non-competition and
non-solicitation covenants from the seller parties. The transaction
is expected to close in the fourth quarter of 2024 and will enhance
PWM’s technology strength in artificial intelligence space and
facilitate PWM’s development of next-generation AI-driven wealth
management solutions for its clients.
About Prestige Wealth Inc.
Prestige Wealth Inc. is a wealth management and
asset management services provider based in Hong Kong, assisting
its clients in identifying and purchasing well-matched wealth
management products and global asset management products. With a
focus on quality service, the Company has retained a loyal customer
base consisting of high-net-worth and ultra-high-net-worth clients
in Asia. Through the Company’s wealth management service, it
introduces clients to customized wealth management products and
provides them with tailored value-added services. The Company
provides asset management services via investment funds that it
manages and also provides discretionary account management services
and asset management-related advisory services to clients. For more
information, please visit the Company’s website:
http://ir.prestigewm.hk.
About Wealth AI
Wealth AI is a company based in Singapore that
offers personalized, cost-effective wealth management solutions
using artificial intelligence. Founded by AI experts from top
technology companies in 2022, Wealth AI is dedicated to the
transformative potential of artificial intelligence in wealth
management.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may” or other similar
expressions in this press release. They include statements about
the Company’s plans for the business of Wealth AI; anticipated
financial and other results from the acquisition of Wealth AI and
its integration into PWM; expectations regarding revenue and cost
synergies resulting from the acquisition; discussion of other
strategic initiatives and related actions; and beliefs,
expectations, intentions and strategies, among other things.
Forward-looking statements are based on management's current
beliefs, expectations and assumptions, and involve a number of
known and unknown risks and uncertainties, many of which are out of
PWM’s control.
The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s filings
with U.S. Securities and Exchange Commission.
For more information, please contact:
Prestige Wealth Inc.
Investor Relations Department
Email: ir@prestigefh.com
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