NXTP - NextPlay divests online travel unit NextTrip to consortium led by former co-CEO Kerby

• NextPlay Technologies ( NASDAQ: NXTP ) said Tuesday it divested its online travel business NextTrip to a consortium led by former co-CEO William Kerby.
• NextPlay ( NXTP ) will receive non-voting convertible preferred LLC units of NextTrip in the amount of $4M.
• The convertible preferred LLC units are redeemable, can be sold subject to certain transfer restrictions, and are distributable to NextPlay ( NXTP ) shareholders of record once certain conditions are met, including upon a Nasdaq listing of NextTrip.
• NextTrip is pursuing a going public transaction.
• Kerby will leave NextPlay ( NXTP ) to assume the CEO role at NextTrip. Donald Monaco, Carmen Diges, and Kerby resigned as NextPlay directors to assume director roles on NextTrip's board.
• "The divestiture allows for increased focus on our core businesses in financial technology, digital banking, and ad-tech, and advances our initiatives in capital allocation," said NextPlay ( NXTP ) CEO Nithinan Boonyawattanapisut.
• NextPlay ( NXTP ) continues to explore strategic alternatives for its interactive TV business ZW.
• Earlier this month, the company implemented a 1-for-20 reverse stock split .

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