Treasure Global Inc.

10/17/2024 | Press release | Distributed by Public on 10/17/2024 05:53

Material Event Form 8 K

Item 8.01. Other Events.

As previously disclosed, on October 10, 2024, Treasure Global Inc (the "Company" or "we") entered into a Share Purchase Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"), a Delaware limited partnership. Pursuant to the Purchase Agreement, the Company has the right, but not the obligation to cause Alumni Capital to purchase up to $6,000,000 the Company's common stock, par value $0.00001 (the "Commitment Amount"), at the Purchase Price (defined below) during the period beginning on the execution date of the Purchase Agreement and ending on the earlier of (i) the date on which Alumni Capital has purchased $6,000,000 of the Company's common stock pursuant to the Purchase Agreement or (ii) December 31, 2025.

In consideration for Alumni Capital's execution and performance under the Purchase Agreement, the Company issued to Alumni Capital a purchase warrant dated October 10, 2024 for a term of three (3) years (the "Purchase Warrant"), to purchase up to a number of common stock equal to ten percent (10%) of the Commitment Amount divided by the exercise price of the Purchase Warrant. The exercise price per share of the Purchase Warrant will be calculated by dividing the $5,000,000 valuation by the total number of outstanding shares of common stock as of the Exercise Date.

On October 16, 2024, we filed a prospectus supplement, dated as of October 16, 2024 (the "Prospectus Supplement") under the registration statement on Form S-3 (File No. 333-278171), in respect of the financing with Alumni Capital. The Prospectus Supplement included certain updated disclosures regarding the Company, in particular, in the sections captioned "Prospectus Supplement Summary-Recent Developments". Neither the Purchase Warrant nor the common stocks underlying the Purchase Warrant are covered by the Prospectus Supplement. In addition, the Company is filing, as exhibits hereto, an opinion of Sichenzia Ross Ference Carmel LLP and the consent of WWC, P.C., as Exhibit 5.1 and Exhibit 23.1, respectively. Capitalized terms that are not defined herein may have meanings assigned to them in the Purchase Agreement and the Purchase Warrant.