Starbox Group Completes Share Issuance and VR Software Acquisition
Ticker: STBXF · Form: 6-K · Filed: Jun 13, 2024 · CIK: 1914818
| Field | Detail |
|---|---|
| Company | Starbox Group Holdings Ltd. (STBXF) |
| Form Type | 6-K |
| Filed Date | Jun 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.20, $5,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, share-issuance, virtual-reality
TL;DR
Starbox Group just bought VR software and issued shares on June 13th. Big move into VR!
AI Summary
On June 13, 2024, Starbox Group Holdings Ltd. completed a share issuance and acquired Virtual Reality Software through its indirect wholly-owned subsidiary, Irace Technology Limited. This acquisition was made pursuant to a Software Purchase Agreement dated May 28, 2024.
Why It Matters
This move signifies Starbox Group's expansion into the virtual reality software market, potentially opening new revenue streams and technological capabilities.
Risk Assessment
Risk Level: medium — The acquisition of new software and associated share issuance introduces integration and market adoption risks for Starbox Group.
Key Players & Entities
- Starbox Group Holdings Ltd. (company) — Filer and acquirer
- Irace Technology Limited (company) — Indirect wholly-owned subsidiary facilitating the acquisition
- June 13, 2024 (date) — Date of share issuance and acquisition closing
- May 28, 2024 (date) — Date of the Software Purchase Agreement
FAQ
What is the nature of the Virtual Reality Software acquired by Starbox Group?
The filing does not specify the exact nature or details of the Virtual Reality Software acquired, only that the acquisition was completed on June 13, 2024.
How many shares were issued in the share issuance on June 13, 2024?
The filing states that a share issuance was completed on June 13, 2024, but does not specify the number of shares issued or the price.
What are the terms of the Software Purchase Agreement dated May 28, 2024?
The filing mentions the Software Purchase Agreement dated May 28, 2024, as the basis for the acquisition, but does not detail its specific terms or conditions.
What is the role of Irace Technology Limited in this transaction?
Irace Technology Limited, an indirect wholly-owned subsidiary of Starbox Group Holdings Ltd., acted as the entity through which the Virtual Reality Software was acquired.
Is Starbox Group Holdings Ltd. a US-based company?
No, Starbox Group Holdings Ltd. is a Cayman Islands company with its principal executive office located in Kuala Lumpur, Malaysia.
Filing Stats: 490 words · 2 min read · ~2 pages · Grade level 14.9 · Accepted 2024-06-13 16:10:28
Key Financial Figures
- $0.20 — 0 ordinary shares (per share price of US$0.20), with an aggregate value of US$5,000,0
- $5,000,000 — US$0.20), with an aggregate value of US$5,000,000 as consideration for all of the rights,
Filing Documents
- form6-k.htm (6-K) — 16KB
- 0001493152-24-023688.txt ( ) — 17KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Starbox Group Holdings Ltd. Date: June 13, 2024 By: /s/ Lee Choon Wooi Name: Lee Choon Wooi Title: Chief Executive Officer