Toronto, Ontario--(Newsfile Corp. - January 28, 2025) - STAY Inc. ("STAY" or the "Company"), a platform in the short-term rental and hospitality technology sector, is pleased to announce its intention to raise up to USD 3,000,000 pursuant to a non-brokered private placement of common shares in the capital of the Company (the "Financing"). The net proceeds of the Financing will be used to further enhance STAY's technology platform, support strategic expansion into the short-term rental market, and advance operations as the Company actively works towards its previously announced public listing.
Among the investors supporting the Financing is SOL Global Investments Corp. (CSE: SOL) which has launched SOL Global Ventures, a new venture capital arm focused on early-stage Solana blockchain investments. The subsidiary's first investment involves a USD 1-1.5 million investment in STAY, with the aim of helping STAY leverage the Solana blockchain to innovate within the short-term rental industry. This commitment builds on SOL Global's continued focus on emerging technology and strategic investments, as previously outlined in their press release which can be found here; SOL Global Announces Launch of SOL Global Ventures for Solana Ecosystem Investments and Makes First Investment.
In addition to the Financing, STAY recently announce that it had made significant strides toward going public, with the Company having entered into a non-binding letter of intent regarding a proposed reverse takeover ("RTO") involving 1169071 B.C. LTD., and subsequently listing of the combined entity (the "Resulting Issuer") on a recognized Canadian stock exchange, subject to the Resulting Issuer meeting the listing requirements of such exchange. The proposed RTO marks a major milestone, providing STAY the opportunity to expand their capital raising opportunities, reach, and create a broader awareness of the STAY brand, while providing its existing and future security holders with liquidity on a recognized Canadian stock exchange. More details with respect to the proposed RTO can be found in the Company's press release here; Stay Inc. and 1169071 B.C. LTD. Announce Letter of Intent for Reverse-Takeover Transaction.
"We are thrilled to announce this round of Financing, which represents a significant step forward in our mission to revolutionize the short-term rental industry," said Scott McGillivray, Chairman of STAY. "With SOL Global's commitment and leadership in blockchain investment, alongside our own expertise in hospitality and technology, we look forward to delivering solutions for property owners and travelers worldwide. Our proposed go-public transaction further underscores our commitment to growth and innovation."
The Financing round will empower STAY to:
Enhance Technology Infrastructure: Invest in robust product development with the aim of streamlining the short-term rental process and driving greater efficiencies for property managers and travelers.
Expand Global Footprint: Strengthen operations in key markets and enter new regions to meet the growing demand for flexible, tech-enabled travel solutions.
Advance Go-Public Strategy: Allocate resources toward the Company's listing process, in tandem with the recently announced RTO.
All securities issued pursuant to the Financing will be subject to an indefinite statutory hold period until the date that is four months and a day after the later of the date of issuance and the date the Company becomes a reporting issuer in any province or territory of Canada, in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell, solicitation or offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About STAY Inc.
Stay Inc. is a short term rental technology company co-founded by reality TV host and producer Scott McGillivray, best known for his award-winning work in real estate, home improvement, and prime-time television. STAY's innovative platform offers property owners, operators, and guests a seamless experience, from listing and booking to payments through a host-centric platform designed for professional hosts, property managers, and entrepreneurial minded real estate investors. STAY continues to integrate with other market leaders in the industry. By incorporating blockchain-based solutions, STAY strives to build a trusted, transparent, and rewarding ecosystem for all stakeholders in the short term rental market.
Forward- Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information in this press release may include, without limitation, statements relating to: the Financing, including the completion of the Financing and the timing thereof; the amount of proceeds to be raised in connection with the Financing and the use of such proceeds; SOL Global Investments Corp. and its investment in the Company; the RTO and 1169071 B.C. LTD. or the Resulting Issuer; the completion of the RTO and the timing thereof; and the listing of the Resulting Issuer on a recognized Canadian stock exchange.
These statements are based upon a number of estimated and assumptions of management as at the date such statements are made and that are subject to significant risks and uncertainties, including risks regarding general economic and industry factors, market and operating conditions, political stability, management's ability to manage and to operate the STAY's business within current expectations, the Company's ability to obtain regulatory and other approvals, and equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Company, 1169071 B.C. LTD. or the Resulting Issuer may differ materially from those anticipated and indicated by these forward-looking statements. Many assumptions are based on factors and events that are not within the control of STAY and any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable based on the information currently available to it, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements. Except as required by applicable securities law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
For more information or media inquiries, please contact:
Nick Sama
Chief Financial Officer
STAY Inc.
365-747-2144
nick@staywithstay.com
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238661
SOURCE: Stay Inc.
