Top Level Domain Holdings plans to raise £3 million ($4.7 million) in a stock sale to help finance the TLD aspirations of its main business, Minds + Machines.
The funds would almost double the cash reserves TLDH has on tap, which currently amount to $5.5 million, according to StockMarketWire.com.
Having reviewed ICANN’s Final Proposed Applicant Guidebook, and in view of the ICANN Board’s historic decision to do away with cross-ownership restrictions between registries and registrars, we believe that the timing is right for additional investment by TLDH. ICANN’s registry-registrar decision means that additional gTLD business models are now viable, and we have already seen a marked increase in interest from prospective new clients. We intend to make sure we have the resources to take advantage of this opportunity.
M+M is already associated with new TLD applications including .gay and .eco, both of which are expected to be contested by other applicants.
TLDH is listed on London’s small-cap Alternative Investment Market. The announcement of the placement can be found here.