Jaxsta Successfully Raises $2.5M

Surprise surprise another capital raising...this time for professionals and sophisticated investors only.

Details:

• Priced at $0.06 cents, representing a 5% discount to the closing price ofJaxsta shares on 21 September 2021
• Raised $2.5M with 41,666,667 fully paid ordinary share
• To be utilised for the Jaxsta Plus rollout
  marketing campaign and development of new features in the service.

Disclosure: ongoing long-suffering retail shareholder.

Essentially a Linkedin for the music indsutry. A freeminum offering - a free teir and a Pro tier. A user has to sign up to "claim" a profile. Since the Covid lockdowns began, Jaxsta has offered their Pro teir for free - which has resulted in a phenomenal user growth. By the end of 2020 they have had 80000+ members on their platform "claim" a profile. 

Big name users who have "claimed" their profile include:

• Adele
• Mariah Carey 
• and more...screenshot from company presentation attached. 

Headwinds

• With Covid lockdowns ongoing and live music being battered - would artists be wanting to pay for essentially what is a 'Linkedin-premium'-esque product? 

Tailwinds:

• Integration with Songtradr - an additional revenue stream. 
• Jaxsta to start charging Pro members from August 2021
• Partnerships with music industry orgnisations likely to drive revenue

Disclosure: Currently held. JXT has been one of my thorns in my portfolio. In the height of the Covid-19 Crash I was at 99.98% capital loss on this stock but I've kept on holding. Still sitting at a 40% capital loss today.