BigDish Plc (LON: DISH), a food technology company is pleased to announce further detail with regards to the Funding Update on 24 September 2020.
If successful, the Special Purpose Vehicle (SPV), would be the recipient of the USD 5 million of funding. The SPV would be a separately incorporated company that would operate the BigDish platform in certain international markets. BigDish would own 80% of the SPV. This provides an exciting opportunity to create significant value without being dilutive to shareholders.
The Conditions Precedent stated in the previous announcement included ‘Restaurant acceptance of BigDish-to-GO’. Acceptance is not defined in terms of a specific number but rather generically broad based acceptance by restaurants. The key Condition Precedent, is the completion of a technology audit once the SaaS platform is fully built out. The Company has previously undertaken a technology audit of its systems architecture and is confident on the outcome of a further technology audit.
The short term funding that the Company announced last week to provide sufficient funding runway to the end of the second quarter of 2021 and to enable the build out of the SaaS platform will be due for repayment in the second and third quarter of next year. The Company may also convert this funding to equity at its election.
The Company will provide a further update this week to the market with regards to BigDish-to-GO.
