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Sigma Additive Solutions Shareholders Have Proposals to Acquire NextTrip Holdings, Inc. December 28, 2023
NextTrip specializes in proprietary technologies, analytics, and strategic partnerships to provide specialized answers for leisure, wellness, and business travel.
SANTA FE, NM / ACCESSWIRE / January 3, 2024 / Sigma Additive Solutions, Inc. (NASDAQ: SASI) (“Sigma,” “we,” “us,” or the “Company”) announced today that it has finalized its acquisition of NextTrip Holdings, Inc. , a Sunrise, Florida-based generation company (“NextTrip”), on a previously announced stock exchange. The acquisition, first announced in October 2023, was finalized on December 29, 2023, at which point NextTrip has become a wholly-owned subsidiary of the company. In addition, effective the end of the acquisition, Jacob Brunsberg, Sigma’s President and Chief Executive Officer, has stepped down from those positions, and Bill Kerby, NextTrip’s President and Chief Executive Officer, has been named Sigma’s President and Chief Executive Officer. Brunsberg will continue to serve on Sigma’s board of directors.
On December 28, 2023, at Sigma’s 2023 Annual Shareholders’ Meeting, Sigma shareholders voted in favor of the issuance of non-unusual interests of Sigma in connection with the acquisition of NextTrip, pursuant to the share exchange agreement. percentage entered into with NextTrip and certain other parties. in October 2023, and further approve the terms of this percentage exchange agreement.
“We are pleased to have won overwhelmingly among shareholders who voted in favor of this transformative acquisition,” said Jacob Brunsberg, former president and CEO of Sigma. “We look forward to integrating NextTrip in the near term and executing with the NextTrip team to increase value for shareholders by offering a significant opportunity to participate in a leading travel logo with a diversity of product offerings and concierge services. “
Bill Kerby, CEO of NextTrip and new CEO of Sigma, commented: “We thank everyone who attended the meeting and voted, and the acquisition will maximize value for all shareholders. This transaction will allow NextTrip to execute our strategic expansion plans and expand our success into new markets as an integral component of a public company for the benefit of Sigma shareholders, while tying the issuance of additional shares to transparent business objectives for NextTrip . Our expansion and expansion plans are highly focused on implementing key generation advancements that will expand our footprint as a cutting-edge travel generation company specializing in the use of proprietary technologies, analytics and strategic component partnerships to deliver personalized travel responses. , exclusive and differentiated in spaces. leisure, wellness and business trips. As a public company with access to more capital resources, we will focus on upgrading our travel booking engine which, before the COVID-19 pandemic, had a database of more than 6 million existing consumers and generated more than 400 million dollars in reserves in 2019. “
Lyndsey North, President of NextTrip, commented, “This transaction is the cornerstone of building NextTrip’s foundation in 2023, and positions us for a year of transformation ahead. Throughout the year, we continued to position NextTrip as a major player in the travel industry. Space, builds more than two hundred direct relationships with blue-chip travel organizations, as well as primary suppliers in the airline, hospitality, and other travel and travel-related facilities industries, to make certain products physically powerful and supply more than 2 million hotels worldwide. The concentration focused on hiring and rehiring travel product providers and connecting APIs with vendors and suppliers. Our platform is now directly connected to leading channel managers like Dingus, HBSI, and more. We also have a committed U. S. -founded Intermediate Position call. Team with decades of knowledge of products and destinations.
“Our team has been diligently working on a comprehensive technology update and integration of our acquired scalable travel booking engine into the NextTrip ecosystem in preparation for its full launch. A soft launch in late November 2023 resulted in top-line revenue growth of over 75% vs the prior month. At go-live, we expect to have over 3 million properties available in more than 200 countries worldwide. Additionally, we have a curated collection of more than 200 of the most sought-after resorts in Mexico and the Caribbean that we intend to strategically scale. In the past several weeks, we have been beta testing the platform, technology, and connections. A marketing beta program received strong opens and conversions to bookings. We are now preparing to shift to the live production site and ramping up marketing to our 6+ million customer database, with a target launch in the next 30-60 days. Looking ahead into 2024, we are highly enthusiastic for our business and expect the launch and ramp of our booking platform will act as a significant accelerator for NextTrip,” concluded North.
Additional information about the acquisition and its terms is included in Sigma’s existing reports on Form 8-K filed with the Securities and Exchange Commission (SEC) on October 10, 2023 and January 3, 2024, as well as in the definitive proxy array filed through Sigma with the SEC on December 1, 2023. Additional data about Sigma’s Annual Meeting of Stockholder and the pieces approved at the Annual Meeting of Shareholders are included in Sigma’s existing Report on Form 8-K filed with the SEC on January 2, 2023, as well as Sigma’s Final Power of Attorney filed with the SEC on December 1, 2023.
Highlights of NextTrip & the Acquisition
As previously announced on October 13, 2023, Sigma entered into a percentage exchange agreement with NextTrip and certain other parties, pursuant to which it agreed to obtain one hundred percent of NextTrip’s equity inventory in exchange for non-unusual percentages of Sigma constitutes 19. 99% of its notable and customary percentages at the end of the acquisition, as well as additional conditional percentages of Sigma’s usual percentages upon the realization of post-final earnings similar to NextTrip’s advertising performance.
Assuming all business milestones are met, NextTrip shareholders will obtain a total of 6 million shares of Sigma common stock, allowing existing Sigma holders to retain, on a pro forma basis, approximately 11. 5% of the total shares. outstanding actions.
At closing, Sigma President and CEO, Jacob Brunsberg, resigned from such roles (but will remain a director on the company’s board), and NextTrip CEO, William Kerby was appointed as CEO of the company. Additionally, Mark Ruport, chairman of the company’s board of directors, resigned, and Donald Monaco, who was designated by NextTrip, was appointed as a director and chairman to fill the vacancy created by Mr. Ruport’s resignation.
Going forward, the remaining board seats will continue to be filled by Sigma’s current directors during the realignment period, with NextTrip earning the right to designate additional board members and officers upon reaching business milestones in accordance with the Share Exchange Agreement.
The Company intends to replace its ticker symbol with “NTRP” in the near future, and subject to shareholder approval, to replace the Company’s call to NextTrip, Inc.
Lake Street Capital Markets acted as monetary advisor to Sigma in connection with the acquisition.
The acquisition provides the opportunity for NextTrip to become a publicly traded company on Nasdaq. The transaction will be transformational since, as a public company, NextTrip is expected to have access to additional sources of capital on more favorable terms to fund strategic growth initiatives, as well as the ability to tap into adjacent markets and more efficiently scale existing operations.
NextTrip recently completed the acquisition and integration of a scalable booking engine that, prior to the COVID-19 pandemic, had a database of more than 6 million consumers and generated more than $400 million in bookings in 2019. The parties await the acquisition of the booking engine. act as a significant accelerator of the company’s business.
NextTrip has assembled a team with over a hundred years of combined travel experience that provides deep expertise in key spaces of the travel industry, adding online travel distribution, wholesale distribution, and travel technology. Strong team and industry relationships delight in serving as a catalyst to position NextTrip as a significant player in the travel space.
In 2023, NextTrip has established more than two hundred direct relationships with blue-chip organizations, as well as industry-leading suppliers of airline, hospitality, and other related facilities, to manufacture certain physically potent products and supply more than 2 million hotels worldwide.
After an era of strategic realignment similar to certain NextTrip business objectives, NextTrip’s potential long-term projects will focus on driving the company’s renewed expansion agenda, exploring strategic mergers and acquisitions to generate profit synergies through the expansion of products and offerings for consumers, and continue to invest in the evolution of cutting-edge technologies to connect consumers with the discovery and booking of domestic and foreign destinations.
About NextTrip
NextTrip is a technology-driven platform delivering innovative solutions for business and leisure travel. NextTrip Leisure provides individual and group travelers with vacations to the most popular and sought-after destinations in Mexico, the Caribbean and across the world. NextTrip Business is an online corporate travel and expense management solution with a large inventory of travel options and discounted rates. NextTrip Solutions offers travel technologies that make the jobs of alternative lodging property managers, wholesalers, distributors and other travel industry players easier and more efficient. For more information and to book a trip, visit https://investors.nexttrip.com/.
About Sigma Additive Solutions
Sigma Additive Solutions Inc. es traditionally a provider of in-process quality control (IPQA™) responses to the additive manufacturing industry. Sigma specializes in the progression and commercialization of real-time research and tracking systems known as PrintRite3D for complex 3D® steel. and polymer production technologies. PrintRite3D detects and classifies defects and anomalies in real-time in the production process, enabling significant load savings and production power by reducing waste, extending throughput, and reducing cycle times.
As revealed in the past in Sigma’s SEC filings, Sigma entered into an asset acquisition agreement in October 2023, under which it agreed to sell its legacy business to Divergent Technologies, Inc. The sale is expected to close in January 2023, at which point the NextTrip business will be the company’s sole business.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including approval of the corporate name change and authorized share increase by Sigma shareholders, risks relating to the Acquisition and the closing of the proposed asset sale to Divergent. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, Sigma’s ability to obtain shareholder approval of the name change and authorized share increase, the completion of the asset sale, amongst other things. Sigma disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise, except as required by applicable law. For additional information regarding risks and uncertainties that could impact Sigma’s forward-looking statements, please see disclosures contained in the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023 and Sigma’s other filings with the SEC, including the “Risk Factors” in Sigma’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and which may be viewed at www.sec.gov.
Contacts
Chris TysonExecutive Vice PresidentMZ Group – MZ North [email protected]
SOURCE: Sigma Additive Solutions
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