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SINGAPORE - Currenc Group Inc. (NASDAQ:CURR), currently valued at $124 million in market capitalization, has completed a $54.6 million shares-for-debt transaction with its founder and executive chairman Alex Kong and controlling shareholder Regal Planet Limited, the company announced Friday. According to InvestingPro data, this transaction comes at a crucial time as the company faces challenges with short-term obligations exceeding liquid assets.
The fintech firm issued approximately 35.7 million ordinary shares to Kong and Regal Planet, which is also controlled by Kong, to settle outstanding related party loans totaling about $54.55 million as of July 22, 2025.
The transaction completely removes the debt from Currenc’s balance sheet. The debt originated from various loan agreements between the company, Kong, and Regal Planet.
"This transaction achieves two critical goals: it significantly strengthens our capital structure, and just as importantly, underscores my profound confidence in Currenc’s long-term growth prospects," Kong said in the press release statement.
The share issuance was made under an exemption from registration under the Securities Act of 1933, with the issued shares subject to resale restrictions.
Currenc Group describes itself as a fintech company that provides artificial intelligence solutions to financial institutions worldwide. The company’s offerings include AI-powered call center solutions and digital remittance platforms designed for banks, insurance companies, telecommunications firms, and government agencies.
The announcement comes as the company continues to focus on its stated mission of empowering financial institutions with AI-driven solutions.
In other recent news, Currenc Group Inc. announced that it has retained Shareholder Intelligence Services, LLC to investigate potential naked short selling of its shares. This move is part of the company’s strategy to protect shareholder value as it continues its global expansion. Additionally, Currenc Group received notifications from The Nasdaq Stock Market LLC for non-compliance with certain listing rules. The company failed to maintain a minimum closing bid price of $1.00 per share and a market value of $50 million, prompting Nasdaq to grant a 180-day period to regain compliance.
In another development, Currenc Group has entered into a Memorandum of Understanding with Galaxy Payroll Group Limited to develop AI-powered HR solutions. This collaboration will focus on creating modules like an "AI HR & Payroll Manager" with stablecoin payment options and an "AI Recruitment Manager" for automating candidate screening and interview scheduling. These recent developments highlight Currenc Group’s efforts to address compliance issues while exploring new technological avenues.
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