Social commerce company ringID announced a $200 million investment commitment from GEM Global Yield, a Luxembourg-based private alternative investment group. GEM will provide ringID with the share subscription facility for a 36-month term following a public listing. This will allow ringID to draw down funds by issuing shares of common stock to GEM.
The company in a news release disclosed it intends to go public on the Nasdaq either via SPAC or a direct listing.
South Asia-focused ringID has amassed over 20 million users, according to the news release. The platform offers an option to earn money according to user contributions in which they share knowledge and offer professional services within the ecosystem. Currently, as many as 15 million monthly active users engage with the ringID ecosystem. Read more.
