Refund of pledges made to Uprise.Africa Sun Exchange Crowdfunding Campaign
Yesterday, individuals who participated in the Uprise.Africa Sun Exchange crowdfunding campaign received disappointing news from Uprise.Africa that the pledge they made for an investment into the campaign will be refunded. This refund will be made from Uprise.Africa's trust account, where the funds have been held since the pledges were made.
Uprise.Africa made this decision following a prolonged closing period and delays in share subscription registration and approvals with the South African Reserve Bank, and subsequent filing with the Companies and Intellectual Property Commission (CIPC). The COVID-19 crisis halted the entire process, which means that there is no certainty about when shares can be issued. Given that there is no clarity on when this process can be completed, the Uprise.Africa Board decided to refund investments to prevent further delays.
It's unfortunate that the deal did not ultimately go through. Sun Exchange worked hard with Uprise.Africa for months to prepare the prospectus and share subscription agreements, as we were eager to have the individuals who participated in the campaign join us as investors and partners. We share campaign participants' frustration and disappointment in this regard, and will do our best to remain engaged with them and, to the best of our ability, make up for the disappointment.
We sincerely value having these individuals as a part of the Sun Exchange community, a community, which amidst the global COVID-19 lockdown, has brought solar power to five high-impact projects: a school, a retirement home, a shopping mall, a supermarket and a veterinary practice. It is inspiring that in a time of crisis, we can still contribute to long-term positive change using this powerful platform, accelerating the transition to a sustainable energy future.
For any queries regarding the Uprise.Africa refund, please contact [email protected]