Core Viewpoint - Prestige Wealth Inc. has announced the acquisition of SPW Global Inc. for a total purchase price of US$4,500,000, which will enhance its technology capabilities in the artificial intelligence sector and support the development of AI-driven wealth management solutions for clients [1]. Group 1: Acquisition Details - The acquisition agreement was signed on August 20, 2024, with a total purchase price of US$4,500,000, consisting of US$3 million in cash and US$1.5 million in shares [1]. - The share component includes 1,900,000 class A ordinary shares and 500,000 class B ordinary shares to be issued to the seller and key employees of Wealth AI [1]. - Key employees of Wealth AI will be retained post-acquisition, and the agreement includes non-competition and non-solicitation covenants for three years [1]. Group 2: Company Background - Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, focusing on high-net-worth and ultra-high-net-worth clients in Asia [2]. - The company offers customized wealth management products and tailored value-added services, along with discretionary account management and asset management-related advisory services [2]. Group 3: Wealth AI Overview - Wealth AI, based in Singapore, provides personalized and cost-effective wealth management solutions utilizing artificial intelligence [3]. - Founded in 2022 by AI experts from leading technology companies, Wealth AI aims to leverage the transformative potential of AI in the wealth management sector [3].

HONG KONG, July 26, 2024 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (NASDAQ:PWM) ("PWM", or the "Company"),  a wealth management and asset management services provider based in Hong Kong, today announced that, on July 23, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that based on the closing bid price of the Class A ordinary shares of the Company for the last 33 consecutive business days, the Company no longer me ...

Prestige Wealth (NASDAQ: PWM) stock price jumped sharply on Wednesday as it went through a strong short squeeze. It jumped by more than 43% in the regular session and over 24% in the extended hours. This surge brought the company's market cap to over $15 million. I wrote about Prestige Wealth in July 2023 as its stock was surging. At the time, I compared the company with other Chinese companies like AMTD Idea and Top Financial, which had become beloved among day traders. I recommended that investors should ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commiss ...