One Click Life, a fast-growing WA-based fintech with 40,000 users across the country, says it is poised to “disrupt the online, self-directed financial and life admin sector”, after announcing the oversubscription of its public offer, through a reverse take over (RTO) of ASX-listed UUV Aquabotix.
UUV Aquabotix (ASX: UUV) had previously announced it would acquire 100% of the share capital of Mobile Business Devices Pty Ltd, which operates the One Click Life business. It set out to raise at least $4.5 million under the public offer, however there was also be the option to take oversubscriptions for a further $1 million, resulting in the $5.5 million raise.
The raise was closed on 5 August, in line with the prospectus timetable.
Upon the refloating of the business, expected next month, the company will change its name to One Click Group Limited (ASX: 1CG) to reflect the new direction and operations.
Managing Director Mark Waller said the team is very happy with level of support from both existing and new shareholders.
“To be oversubscribed in the current market is an excellent outcome and indicative of the prospects for the business,” he said.
We extend a warm welcome to all incoming shareholders and thank our existing shareholders for their support.
Mark Waller
Aquabotix is now working to complete the administrative matters of the acquisition to commence trading under the new name and code.
“The Company wishes to thank its existing shareholders and welcome its new shareholders at this exciting time,” Aquabotix’s board of directors said in a statement.
Via the back door
It’s interesting the company decided on the less fashionable reverse take over route (or ‘back door listing’ as it is sometimes known). While these were very popular a few years ago, with mining shell ASX companies repurposing themselves as tech companies, raising new funds in the process, the ASX has since tightened up on this form of public offering, making it less popular of late.
As Business News recently reported (August 8th 2022, “Tax Return for fintech opportunity”) while there were 41 RTOs raising $700 million in 2016 alone, there were only 5 such raisings in the past year raising less than $30 million.
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