The Saudi NEOM Investment Fund plans to invest $50 million in Animoca Brands

ChainCatcher news, according to the official blog, Animoca Brands has announced that it has signed a strategic cooperation memorandum with the "Neom" new city construction project led by Saudi Crown Prince Mohammed bin Salman, to promote regional Web3 initiatives in line with Saudi Vision 2030.

In addition to the strategic partnership, the company has also signed a letter of intent for convertible note financing with the NEOM Investment Fund. The NEOM Investment Fund intends to invest $50 million in Animoca Brands, of which $25 million will be issued as convertible notes with a conversion cap of AUD 4.50 per share, and the remaining $25 million will be used to purchase company shares in the secondary market.