New TLD applicant building war chest to resolve contention sets.
Top Level Domain Holdings, a publicly trade portfolio applicant for new TLDs, has conditionally raised £21 million (approximately US $33.6 million) to help it resolve new TLD contention sets.
After the investment, the company will have over $48 million in cash available. This does not include an up to $15 million investment that will be used for resolving the contention set of one domain name it has applied for.
The placement will be at 12 pence per share. Shares had opened the day at 12.75 pence but are up to about 15 pence in trading. This is down compared to November, but still much higher than the stock has been trading over the past couple years.
The company also announced that Tucows CEO Elliot Noss will be joining its board of directors. Tucows and TLDH already have a partnership on some top level domain name applications.
TLDH is also changing its name to that of its subsidiary Minds + Machines. It is changing the status of the Company from an investing company under the London Stock Exchange AIM Rules to an operating company with a material trading activity. The change to an operating company with a material trading activity will be classified as reverse takeover of the company under the AIM Rules.
The name change will resolve a lot of confusion.