Kondoot lodges prospectus with ASIC

Kondoot lodges prospectus with ASIC

For preliminary public offering of its shares to raise $10,000,000

Australian live video social network, Kondoot, is aiming to become a listed company on the Australian Stock Exchange (ASX).

It recently lodged a prospectus with the Australian Securities and Investment Commission (ASIC) for the preliminary public offering of its shares to raise $10,000,000.

Under the prospectus, there are 83,333,334 new Kondoot shares offered at $0.12 each. All applications for shares under the prospectus must be for a minimum of 16,667 shares ($2000).

Kondoot offers users the ability to connect with friends, family and followers and broadcast themselves to a global audience, at no charge.

It combines social networking features with live video streaming, enabling users to have the intimacy of live video communication, but with the option to broadcast their message to the public at large.

"We have developed a concept that we believe has the potential to change the way the world communicates, opening up huge opportunities in areas of promotion, education and sharing personal moments with friends and family around the world," Kondoot co-founder and executive director, Mark Cracknell, said.

He said the company is looking forward to sharing opportunities the company has to offer with new investors.

The company’s initial focus will be on the American and Australian markets and plans to boost its European and South-East Asian presence.

For more information on Kondoot's founders, click here.

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