Credit line

NextPlay’s NextBank Secures $200,000,000 Revolving Line of Credit

NextPlay Technologies, Inc.

Positions Bank to grow online banking and loan processing businesses

SUNRISE, FL, Oct. 11, 2022 (GLOBE NEWSWIRE) — via NewMediaWireNextPlay Technologies, Inc. (Nasdaq: NXTP)a native digital ecosystem for finance, digital advertisers and video gamers, today announced that NextBank InternationalInc. (“NextBank”), the international banking unit of the fintech division of NextPlay, has signed a loan and guarantee agreement with Savi Capital Partners, a Delaware limited liability company, for a $200,000,000 revolving line of credit. $ with a maturity date of May 31, 2027.

Todd Bonner, Chairman of the Board of NextPlay Technologies and Head of the Company’s fintech division, said, “We are delighted to enter into this credit facility with Savi Capital, which illustrates our ability to access alternative forms of capital, giving us more financial flexibility to develop NextBank’s business lines. We remain committed to evolving our online banking services, growing our customer base and footprint, and growing our loan processing and servicing business. We are executing on our strategic objectives.

Under the terms of the agreement, the maximum loan amounts available for drawing and using NextBank are:
(a) from November 15, 2022 to December 14, 2022, $30,000,000
(b) from December 15, 2022 to January 14, 2023, $70,000,000
(c) from January 15, 2023 to February 14, 2023, $100,000,000
(d) from February 15, 2023 to March 14, 2023, $150,000,000
(e) from March 15, 2023 until maturity on May 31, 2027, up to the total amount of the commitment of $200,000,000

Proceeds from NextBank’s revolving line of credit will be used to fund loans secured by U.S. commercial real estate properties in accordance with underwriting guidelines established by NextBank. These loans will generate interest margins and fee income, thereby increasing the bank’s loan portfolio, and should have a favorable impact on the bank’s revenue and cash flow.

Nithinan Boonyawattanapisut, Managing Director of NextPlay, added, “We appreciate Savi Capital Partners choosing NextBank as their partner and expanding the bank’s ability to significantly expand and diversify its loan portfolio. NextBank is seeing tremendous growth in its deposit portfolio, and I expect that to accelerate in absolute dollar terms. The Bank has a backlog of corporate depositors in the Know Your Customer and Anti-Money Laundering compliance review process for onboarding. This $200 million line of credit, combined with growth in NextBank customer deposits, is expected to have a significant impact on the bank’s portfolio of earning assets over the next three quarters. We are targeting between US$100 million and US$150 million in deposits and US$200 million in credit availability by the end of the company’s fiscal 4th quarter, which combined should result in an overall profitable operation. This growth and prospect is attracting investors and other strategic partners to NextPlay’s fintech division, and we are actively reviewing partners and investors.

“Additionally, we plan to roll out NextBank’s B to C service and begin global marketing for it in spring 2023.

“I would also like to thank our NextFintech division leadership team who are navigating a way to grow NextPlay’s portfolio during this challenging market, better guiding the business to achieve profitability.”

Further information regarding the $200,000,000 revolving credit note is available on Form 8-K and the company’s filings with the Securities and Exchange Commission (SEC), available at www.sec.gov.

About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company that provides gaming, in-game advertising, banking and crypto-banking services to consumers and businesses within a global digital ecosystem in full growth. NextPlay’s engaging products and services use innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.

Forward-looking statements
This press release contains “forward-looking statements” within the meaning and scope of the safe harbor provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts regarding future events and performance. A statement identified by the use of forward-looking words, including “will”, “may”, “expect”, “project”, “anticipate”, “plan”, “believe”, “estimate”, “should and certain of the other foregoing statements may be considered forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to differ materially from those suggested or described in this press release. . Factors that could cause such a difference include risks and uncertainties, including, but not limited to, our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue our business; current regulations governing digital currency activity are often unclear and evolving; our ability and that of ABCC to obtain all necessary regulatory approvals to expand the partnership to its fullest and anticipated potential; the future development and growth of digital currencies is subject to a variety of factors that are difficult to predict and assess, many of which are beyond our control; the value of digital currency is volatile; sums owed to us by third parties which may not be paid when due or at all; certain amounts we owe under outstanding debt, which are secured by substantially all of our assets and any penalties we may incur in connection therewith; our being heavily indebted, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may impair the financial strength of our business partners; the Company’s officers and directors have the ability to exercise significant influence over the Company; shareholders may be significantly diluted by our efforts to obtain financing, meet our obligations and make acquisitions by issuing additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could suffer; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our business is sensitive to the risks associated with international operations; changes or adverse interpretations of governmental regulations or taxation of the evolving Internet and e-commerce industries, which could adversely affect our results of operations; risks associated with the operations, businesses and regulations of Longroot and NextBank International (formerly IFEB); the market in which we participate is highly competitive, and because of this, we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could adversely affect our business; the volatility of our stock price; and that we have incurred significant losses to date and require additional capital, which may not be available on commercially acceptable terms, if at all. Further information about the risks and uncertainties facing NextPlay is detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10. -Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unforeseeable factors could also materially adversely affect the future results of the Company and/or could cause that our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected. forward-looking statements contained in this press release are made only to the date hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties who are not paid by the Company. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements.

SOURCE: NextPlay Technologies, Inc.

Company details :
NextPlay Technologies, Inc.
Richard Marshall
Director of Corporate Development
Tel: (954) 888-9779
Email: [email protected]