A tech company responsible for creating a clinical testing platform that uses AI and machine learning for the detection of earliest cognitive impairment signs, Cognetivity Neurosciences Ltd. (OTCQB:CGNSF), has completed its non-brokered private placement raising a total $3.323.279.
The oversubscribed offer, led by investment holding company SAYACORP B.S.C., resulted in the issuance of 15,525,786 convertible preferred shares at a price of $0.21 (CA$0.29) each, with all securities issued subject to a statutory hold period ending February 26, 2023.
Headquartered in Bahrain, SAYACORP was assisted by its subsidiary located at the Dubai International Financial Centre, SAYACORP CAPITAL LTD. As stated, the firm's shareholders are mainly sovereign wealth funds, leading institutions and family offices from the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) region. Its portfolio includes investments in food manufacturing, healthcare, pharmaceuticals, energy, commercial property and aviation industries.
SAYACORP CAPITAL's CEO Mohamed Idriss says the company is at a very exciting and proactive investment moment, demonstrating "the group's vision of backing technology companies in massive growing markets at a stage when the most value can be realized" while also having a positive impact on people's lives.
"Cognetivity has an incredible technology platform that will have a great positive impact both commercially and socially, and as demonstrated by their early commercial success including in the Middle East, is truly globally scalable. This transaction is in line with the group's investment strategy, to work with undervalued firms which demonstrate potential and help them to become successful," Idriss added.
On behalf of Cognetivity, CEO Sina Habibi shared the company's eagerness towards the new financial partner: "SAYACORP is showing belief in our technology, strategy and team and is backing us to be a success in the huge global market for cognitive assessment, and their support is going to be enormously helpful in our development."
Habibi is confident that SAYACORP's backing will allow the company to make it to the next level by building on the early commercial success of its CognICATM clinical tool and growing the customer base and strategic partnerships in North America and furthermore.
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