Q: Where will the funds raised from Investors during the campaign period ("Investors’ Funds") be kept before releasing to me?
The Investors’ Funds will be kept in a trust account held by Mystartr’s trustee ("Trust Account") during the campaign period.
- More info: What is Trustee account?
Q: When will the Investors' Funds be released to me?
The Minimum Target Amount or more than the Minimum Target Amount must first be raised by the end of the campaign period, then your campaign will be considered a successful campaign ("Successful Campaign"). Upon the Successful Campaign, there are certain conditions precedent to be met before
the Investors' Funds can be released to you ("Conditions Precedent"):
- there is no material adverse change in the prospects, products /services, business, operations or financial condition of the Issuer;
- after the expiry of campaign period, the cooling off period of six (6) business days have expired (being the cooling-off period imposed by the SC to allow the Investors to opt-out or to proceed with their investments)("Cooling- off Period");
- a limited liability partnership ("LLP") is set up for the Investors and a compliance officer is appointed within seven (7) calendar days upon the expiry of the campaign period;
- the execution by and between the Issuer and all such Investors of any and all definitive transaction agreements with respect to the Successful Campaign;
- receipt of the written approval by the authorised representative and/or director of the Issuer for the allotment and issuance of the Offer Shares to the Investors who participated in the Campaign;
- where applicable, the completion of the legal, technical, business and financial due diligence exercised by Mystartr on the Issuer, including the implementation by the Issuer (to Mystartr’s satisfaction) of all recommendations in respect thereof from Mystartr, and the results of such exercise being satisfactory to us;
- where applicable, the Issuer and its authorised representatives have satisfied the due diligence enquiries as required by the trustee of the Trust Account;
- the shares have been issued and allotted to the LLP (who shall hold such shares on behalf of all investors); and
- any other conditions deemed appropriate by Mystartr.
Please note that upon closing of Successful Campaign, it may take another 2-3 months for legal and company secretarial procedures to be fully completed before the Investors’ Funds can be released to you.
- More info: What is LLP (Limited Liability Partnership)?
Q: What happens if I fail to raise the Minimum Target Amount?
Mystartr operates on an all-or-nothing basis. The funds will be refunded to the Investors if you fail to raise the Minimum Target Amount by the end of the campaign period