(“BigDish” or the “Company”)
BigDish Plc (LON: DISH), a food technology company is very pleased to announce a Funding Update.
The Company has signed a Letter of Intent (LOI) with a Central European investment group (“the New Investor”) that has diverse multinational investment holdings, that is owned by an Ultra High Net Worth Individual (UHNWI). The LOI provides for a USD 5 million investment subject to key Conditions Precedent (“CPs”) which are outlined below:
- Completion of a technology audit once the SaaS platform has been fully built (target date end of Q1 2021);
- Restaurant acceptance of BigDish-to-GO; and
- Completion and acceptance of an international market expansion plan that supports a USD 5 million investment over an 18 month period.
Upon completion of the CPs, the Company and the New Investor will seek to upgrade the LOI to a Definitive Agreement by the end of the second quarter of 2021. If successful, the investment would be made into a Special Purpose Vehicle (SPV) to support international expansion and would not be dilutive to the Company.
The Company has been managing its cash position and in order to ensure the successful build out of the SaaS platform has secured a short term loan from an investment company of £540,000. These funds would be used to include increasing the size of the technology team in order to facilitate the build out of the SaaS platform. This short term funding will ensure that the Company has sufficient runway until the end of the second quarter of 2021 and to ensure the CPs are completed. Loan repayments will be due in the second and third quarters of 2021.
Whilst the Company is optimistic of a successful outcome with the New Investor, there can be no guarantee of such.
Simon Perrée has stepped down as Non-Executive Director in order to launch a new business venture. The Board would like to thank Simon for his contribution over the past two years. The Company will now look for a replacement and will collaborate with the New Investor on any new appointment.
Aidan Bishop, Executive Director, commented:
“It is great news that we have extended our funding runway to the end of Q2 2021, and that we also have the prospect of substantial funding which if successful will ensure the longer term future of BigDish. It is encouraging that various forms of finance are available that do not dilute shareholders and this will always be our preferred funding path.”
|Zak Mir, Digital Communications Officer, BigDish||+44 (0) 7867 527659|
|Jonathan Morley-Kirk, Non-Executive Chairmanfirstname.lastname@example.org|