Vividthree Receives Letter of Demand from United Overseas Bank; Shares Plunge Nearly 17%

MT Newswires

01/08

Vividthree (SGX:OMK) received a letter of demand from United Overseas Bank, in relation to a temporary bridging loan received during Covid-19, according to a Wednesday filing with the Singapore Exchange.

Shares of the immersive content creation company sank nearly 17% in Thursday trading.

The demand letter is for an amount of nearly SG$1.2 million and is part of a SG$5 million temporary bridging loan it received in 2020, out of which, around SG$167,300, including interest, remains to be repaid.

The company has already reached out to the lender to settle the matter and is exploring alternative options, which also include fundraising discussions with several parties, the filing added.

Meanwhile, the board of the company will assess if the company is able to continue as a going concern, depending on the outcome of the initiatives.

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