Serpentine looks into blockchain space, seeks to claim money owed from Print the Future
After several months of big changes, Serpentine Technologies (ASX: S3R) is investigating edging into blockchain space as part of a review into the company’s new strategic direction.
As part of its strategic review, Serpentine is also looking into other technologies and education sectors.
Formerly known as Kabuni, the company began trading under its new name in mid-December.
The name change follows a deal to sell its subsidiary Kabuni Technologies and Kabuni Technologies India to Print the Future in late October.
However, in today’s announcement Serpentine reported Print the Future still owed A$4.4 million in convertible commissary notes in relation to the sale after failing to pay them by the due date.
Print the Future has informed Serpentine it was in discussions with potential investors and exploring funding options such as an initial coin offering or a reverse takeover.
Serpentine has stated it will not waive the default and is considering its own options in recovering the owed funds including converting the amounts owed into equity in Print the Future.
Since acquiring Kabuni Technologies in October, Print the Future has been developing Kabuni Technologies as a 3D printing business with a blockchain enabled payment mechanism.
Serpentine believes equity in Print the Future will give it direct exposure to a blockchain enabled 3D printing business.
The company is also examining other fund recovery options including waiting until Print the Future completes a transaction or capital raising to access the amount owed or enforcing the note and security Print the Future’s assets which comprise the subsidiaries in the transaction.
In mid-December Serpentine completed a rights issue and raised A$384,985. The company is also undertaking a placement to directors to raise A$52,000.
Heading up the company are chairman Stuart Carmichael, and non-executive directors Michael Edwards and Colm O’Brien.
Shares in Serpentine had dropped more than 6% by early afternoon trade to sit at A$0.015.