Ascension Capital to acquire Being AI for $45 million

Ascension Capital (ACE) has announced its conditional agreement to acquire a group of businesses, collectively known as "Being AI." Being AI is a newly launched artificial intelligence services, development, and investment business.

The agreement values the Being AI portfolio at $45 million on the completion date, with a potential adjustment of up to $35 million based on ACE's share price performance.

As part of the transaction, the vendors of the Being AI business assets will be issued 1.8 billion fully paid ordinary shares.

ACE also plans to capitalise the majority of its indebtedness into new shares and undertake a capital raising to fund the growth of the AI consultancy, ventures, and labs divisions.

The completion of the transaction is subject to approval by ACE shareholders and is expected to occur within one week of the shareholders' meeting, which is scheduled for March 2024.

After the completion, ACE will change its name to "Being AI Limited" and its ticker code to 'BAI'.

The board of ACE will include two founders of Being AI, David McDonald and Katherine Allsopp-Smith, as well as Sean Joyce and two independent directors.

As a result of the transaction, the quotation of ACE shares will be suspended pending the release of the notice of meeting and profile to the market.