​Singapore-based Dropsuite gears for AU$8m ASX reverse takeover

Cloud-based backup platform Dropsuite is looking to raise AU$8 million to fund the latest international reverse takeover ASX-listing.
Written by Asha Barbaschow, Contributor

Singapore's Dropsuite is looking to expand its global footprint, issuing a prospectus to raise AU$8 million to complete the reverse takeover of Perth-based Excalibur Mining Limited.

The company is offering up to 80 million shares at an issue price of AU$0.10 per share to raise up to AU$8 million, with a minimum share subscription of AU$5 million.

Dropsuite expects the reverse takeover of Excalibur Mining to be completed by November 30, 2016 and to be reinstated and begin trading on the Australian Securities Exchange (ASX) by this date.

"We are very pleased to be in the process of transitioning into a listed company and will continue to work with enthusiasm and dedication in order to reach this key company milestone," Dropsuite CEO Charif Elansari said.

"There are 30,000 websites hacked daily, and 62 percent of SMEs do not routinely back up their data. We have developed cost effective backup and recovery solutions that are both feature-rich and complexity free, to help users protect and backup their website, email, mobile, or server data."

More than 100 technology companies have debuted on the ASX in the past two years, particularly through a wave of backdoor listings.

In May, video technology development company Linius Technologies appeared on the exchange after a reverse takeover of Firestrike Resources which saw Linius raise AU$3.5 million at a AU$25.6 million valuation.

Digital identification and verification firm TikForce finalised its reverse takeover of Palace Resources in April, with the Perth-based company launching on the ASX after raising AU$4.5 million to complete the backdoor listing. TikForce has a market capitalisation of AU$9.4 million.

At the start of the year, Canadian data security firm Zyber Secure Mobile Solutions hit the ASX with a AU$3 million backdoor listing. A week later, technology and entertainment company MSM commenced trading on the ASX after successfully raising AU$7 million as part of a reverse takeover of Minerals Corporation.

Another Canadian firm, Kabuni, listed on the ASX last September following a AU$7 million reverse takeover of Magnolia Resources, a mineral exploration company based in Perth. The client and designer matching app's CEO and founder Neil Patel previously told ZDNet that his plan is to use the ASX listing to raise more funds before Kabuni can be listed on the Nasdaq.

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