“The cancellation of this agreement marks an opportunity for TradeWindow to pursue alternative avenues for growth, exploring new partnerships and opportunities that align with the company’s objectives of advancing product development and expanding its market reach,” the company said.
TradeWindow recently completed a restructuring, resulting in a 40 per cent reduction in its workforce.
The company said its leaner operational structure will drive towards achieving a monthly Ebitda break-even point in the 2025 financial year.
“TradeWindow remains actively engaged in discussions regarding funding with existing and potential new investors, who back the company’s drive to profitability and sustainable growth,” it said.
TradeWindow, founded in December 2018, is a listed software company that provides digital solutions for exporters, importers, freight forwarders, and customs brokers.
The $11.16m deal would have involved nChain subscribing for 28.2m TradeWindow shares in total.
Not enough cash
On commencement, the agreement required nChain settle the cash portion of the investment worth $2.391m in exchange for 6,050,508 of those shares.
In October TradeWindow advised that it had “become apparent” that board and management changes at nChain meant it was not in a position to make payment of the cash subscription amount as scheduled under the deal.
In late September, the nChain board confirmed it had parted company with co-founder Christen Ager-Hanssen.
The board had appointed Stefan Matthews to retake the executive reins as acting CEO, in addition to his position as chairman.
Matthews co-founded nChain in 2015.
Shares in TradeWindow last traded at 20.5c, having dropped by 65 per cent over the last 12 months.
Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
