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Kitchen Holdings raises only S$750,000 of S$2 million crowdfunding target
CATALIST-listed Kitchen Culture Holdings has raised only S$750,000 of its S$2 million crowdfunding target.
Still, the S$750,000 will be transferred to the company upon completion of the issuance of the non-convertible notes, the group said in an exchange filing on Thursday evening.
It added that it may conduct further campaigns for subsequent rounds of financing to raise up to S$1.25 million again, with these being on the same terms as the initial notes issuance.
Watiga Trust Pte Ltd has been appointed the trustee to handle the funds on the noteholders' behalf. Kitchen Culture executive chairman and chief executive officer Lim Wee Li has pledged a 50 per cent equity stake that he holds in the company in favour of the trustee as security.