Society Pass Inc.

Society Pass shares fell about 12.5% on Friday after Society Pass and majority-owned subsidiary NusaTrip released new details on regulatory inquiries. NusaTrip had responded to follow-up questions from NASDAQ and the SEC and to a request for voluntary document submission; trading of NusaTrip securities on NASDAQ remains suspended. NusaTrip stresses full cooperation with regulators and that day-to-day operations are not materially affected. » Más en de.investing.com

Society Pass announced a minority investment of $1.8 million in Gorilla Networks, a Singapore‑based eSIM and connectivity platform. The investment was made through its majority‑owned travel platform NusaTrip and is intended to enable offering mobile connectivity directly when booking flights and accommodation. Society Pass called connectivity a logical extension of its travel division; Gorilla also plans expansions and partnerships beyond the OTA space. The move positions Society Pass in the growing global eSIM market, whose volume is expected to rise significantly by 2033 according to analysis. » Más en de.investing.com

Society Pass placed 1,500,000 common shares at $2.00 each, raising gross proceeds of $3 million before fees. The placement was made on a best-efforts basis with Rodman & Renshaw as exclusive placement agent and was cleared under an S-1 registration. The company intends to use the net proceeds for working capital and general corporate purposes; the stock most recently rose to $3.79 but appears overvalued according to InvestingPro. » Más en de.investing.com