Prestige Wealth Inc. Announces Acquisitions of InnoSphere Tech and Closing of Acquisition of Wealth AI

Group 1: Acquisition of InnoSphere Tech Inc. - Prestige Wealth Inc. announced the acquisition of InnoSphere Tech Inc. for a total purchase price of US$2,100,000, which will be paid in the form of 3,500,000 newly issued Class B ordinary shares at a price of US$0.60 per share [1] - The acquisition includes warrants to purchase 2,625,000 Class A ordinary shares at an exercise price of US$0.72, which will become exercisable six months after issuance and expire five years later [1] - The acquisition is expected to close in the fourth quarter of 2024 and aims to enhance PWM's technology capabilities in the artificial intelligence sector, particularly for wealth management services [1] Group 2: Acquisition of SPW Global Inc. - On November 4, 2024, Prestige Wealth Inc. completed the acquisition of SPW Global Inc., which wholly owns Wealth AI PTE LTD, a company based in Singapore [2] Group 3: Company Overview - 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 [3] - The company offers customized wealth management products and asset management services, including discretionary account management and advisory services [3] Group 4: InnoSphere Tech Overview - InnoSphere Tech specializes in web scraping technology to collect data relevant to finance and wealth management, enabling the training of specialized large models for the wealth management industry [4] Group 5: Wealth AI Overview - Wealth AI, founded in 2022 by AI experts, provides personalized and cost-effective wealth management solutions using artificial intelligence [5]