---
title: "mm2 failed to meet the conditions for the placement of new shares in the Asia-wide film and entertainment fundraising plan | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281322028.md"
description: "mm2 All Asia Entertainment (mm2Asia) failed to meet the conditions precedent for the placement of new shares, resulting in the failure of its fundraising plan, and the underwriting agreement has become invalid and terminated. The placement plan initiated by the company last July involved 1.875 billion new shares, aiming to raise up to SGD 15 million. The issue price of the new shares is set at SGD 0.008 or the volume-weighted average price (VWAP) for the 30 days prior to shareholder approval, and it requires approval from the Singapore Exchange and shareholders to proceed"
datetime: "2026-04-01T07:37:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281322028.md)
  - [en](https://longbridge.com/en/news/281322028.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281322028.md)
---

# mm2 failed to meet the conditions for the placement of new shares in the Asia-wide film and entertainment fundraising plan | Lianhe Zaobao

The plan for mm2 Asia to raise funds through a placement of new shares has failed due to financial difficulties. The company was unable to meet the prerequisites for the placement of shares, resulting in the underwriting agreement becoming invalid and terminated.

On Wednesday (April 1), mm2 announced the failure of the placement plan in a statement. The company initiated a plan to place 1.875 billion new shares last July and had previously extended the deadline to March 31 of this year due to not meeting the prerequisites.

According to the statement released by the company on July 4 last year, the issue price of the new shares was set at 0.8 cents per share or the volume-weighted average price (VWAP) over the 30 days prior to shareholder approval, whichever is higher, with a target of raising up to SGD 15 million. If the share sale had been successful, this batch of shares would have accounted for approximately 28.7% of the total issued and paid-up share capital.

One of the prerequisites for the share sale was obtaining approval from the Singapore Exchange for the new shares to be traded on the main board. Shareholder approval was also required for the placement of new shares.

#### Further Reading

mm2 Asia receives third debt collection letter within two weeks, being pursued for SGD 200,000 in loan principal and interest mm2 Asia plans to introduce SGD 25 million in new funds to advance restructuring plan

In addition, the underwriters must also receive full payment from the subscribers. If the subscription payment is not received within the time specified by the underwriters, they have the right to terminate the underwriting agreement, and the obligations of the underwriters under the agreement will cease.

The company did not specify which prerequisites were not met that led to the termination of the underwriting agreement.

The company indicated that the invalidation and termination of the underwriting agreement are expected not to have a significant adverse impact on the per-share comprehensive tangible net asset value and per-share earnings for the financial year ending March 31, 2027

### Related Stocks

- [1B0.SG](https://longbridge.com/en/quote/1B0.SG.md)

## Related News & Research

- [DJI’s e-bike division tries to defend why its motors are so insanely powerful](https://longbridge.com/en/news/286894898.md)
- [16:51 ETBeverly Hills MD ProRetinol Age Rewind x3 Officially Launches: A New Era of Gentle, Slow-Released Retinol Skincare Backed by Plastic Surgeons](https://longbridge.com/en/news/286966075.md)
- [Orkla’s OV UK Buys Phoenix Brands to Boost Sweet Ingredients Footprint](https://longbridge.com/en/news/286763926.md)
- [Ice hockey-San Jose lands PWHL franchise, completing latest expansion round](https://longbridge.com/en/news/286933726.md)
- [11:00 ETPureance Hydralift Reviews (2026 Official Report): Authentic Ingredients, Benefits, and Verified Results](https://longbridge.com/en/news/286648607.md)