Toggle3D.ai Announces CEO Evan Gappelberg Acquires 2,566,666 Shares of Company Stock

Rhea-AI Summary

Toggle3D.ai (CSE:TGGL)(OTC:TGGLF) has announced that CEO Evan Gappelberg has acquired 2,566,666 common shares at a deemed price of $0.06 per share, totaling $154,000. This share issuance was made in lieu of cash salary compensation for the past few years.

The shares will be subject to a statutory hold period of four months and one day following issuance, pending approval from the Canadian Securities Exchange. Toggle3D.ai specializes in AI-powered tools for the ecommerce industry, with their ToggleStudios' AI photography system creating hyper-realistic product images from 2D images and 3D models.

Positive

• CEO demonstrates confidence in company by accepting shares instead of cash compensation
• Share issuance satisfies $154,000 of company debt without using cash reserves

Negative

• Share issuance will result in dilution of existing shareholders
• Company unable to pay CEO salary in cash, indicating potential cash flow constraints

TORONTO, ON / ACCESS Newswire / January 17, 2025 / Toggle3D.ai (the "Company") (CSE:TGGL)(OTC PINK:TGGLF)(FSE:Q0C), an innovative AI-powered company creating a suite of tools for ecommerce industry. ToggleStudios' AI photography leverages advanced AI to create visually striking, hyper-realistic product images from 2D images and 3D models. The company has issued the CEO of the Company an aggregate of 2,566,666 common shares ("Shares") at a deemed price of $0.06 per Share in satisfaction of outstanding indebtedness in the aggregate amount of $154,000. The CEO has elected to take common shares instead of cash for his salary compensation for the past few years.

The Shares will be subject to a statutory hold period expiring on the date which is four months and one day following the date of issuance. The issuance of the Shares remains subject to the approval of the Canadian Securities Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Toggle3D.ai

Toggle3D.ai (CSE:TGGL)(OTC:TGGLF)(FSE:Q0C) is a groundbreaking SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models, serving various industries within the $160 billion CGI market. With its Augmented Reality-based rapid prototyping web app, Toggle3D empowers designers, artists, marketers, and eCommerce owners to effortlessly convert, texture, customize, and publish high-quality 3D models and experiences, regardless of technical or 3D design expertise.

Toggle3D.ai Investor Relations

Visit the Toggle3D Investor Relations website and sign up for the investor mailing list to receive the latest news, press releases, investor presentations, CEO interviews, financial information and more.

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For further information, please contact:

Investor Relations Contact

Toggle3D.ai

Evan Gappelberg
CEO/Director
866-ARITIZE (274-8493)

Forward-looking Statements

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Toggle3D.AI Inc.

View the original press release on ACCESS Newswire

FAQ

How many shares did Toggle3D.ai (TGGLF) CEO acquire in January 2024?

Toggle3D.ai CEO Evan Gappelberg acquired 2,566,666 common shares at a deemed price of $0.06 per share, totaling $154,000.

What is the hold period for the newly issued TGGLF shares?

The shares are subject to a statutory hold period of four months and one day following their date of issuance.

Why did Toggle3D.ai's CEO receive shares instead of cash compensation?

The CEO elected to receive common shares instead of cash salary compensation for the past few years, resulting in the issuance of shares to satisfy $154,000 in outstanding indebtedness.

What was the price per share for TGGLF's recent share issuance to the CEO?

The shares were issued at a deemed price of $0.06 per share.