Treasure Global subsidiary licenses AI software from AI Lab Martech for $563K in stock

TREASURE GLOBAL INC

ZCity Sdn Bhd (TGL subsidiary) entered non-exclusive license for AI software; term 12 months with renewal option.
Consideration: 2,943,021 TGL shares valued at $0.1913 each, total $563,000, issued as restricted unregistered securities.
Press release announces AI robot for TikTok live commerce, leveraging licensed Tencent technology.
AI robot can conduct extended-hour live sessions, answer queries, and provide personalized recommendations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREASURE GLOBAL INC entered into License and Service Agreement with AI Lab Martech Sdn. Bhd. valued at USD$563,000 worth of common stock (effective 2023-10-12).

Action: entry
Agreement: license
Counterparty: AI Lab Martech Sdn. Bhd.
Value: USD$563,000 worth of common stock
Effective: 2023-10-12

Exact text from the filing

entered into a License and Service Agreement (the “License Agreement”), in which the Licensor shall provide a non-exclusive, non-transferable, royalty-free license to use and operate an AI software solutions (the “AI Software”) in exchange for the issuance of USD$563,000 worth of common stock

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Source: SEC EDGAR

accession 0001013762-23-004634

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