Conor McGregor invests in MMA gym chain
Conor McGregor is now a part-owner of Alta Global Group, a recently-established company that has plans to create a series of MMA training centers along with a corresponding online program.
In April, Alta Global had its stock listed on the NYSE American stock exchange and acquired a whopping sum of $6.5 million (€6 million). Their stock can be identified by the ticker symbol MMA.
The company disclosed this month that McGregor is one of their investors. McGregor supported his coach John Kavanagh, who happens to be one of the business co-founders.
During a recent conversation with investors, the chief executive officer, John Langton, expressed his pleasure with McGregor's support. He stated that McGregor's involvement is extremely beneficial for the company in terms of expanding their brand recognition, reaching a larger audience, and promoting growth amongst gym owners.
The exact amount of ownership that McGregor possesses is still unknown. An investor relations firm has received inquiries about this topic, but they cannot provide any additional information aside from the fact that records pertaining to McGregor's share will be disclosed in the near future.
However, they did mention that the documentation being submitted would be classified as a 13G document, which conforms to the guidelines established by the United States Securities and Exchange Commission. As a result, it can be inferred that the individual's ownership percentage is probably greater than 5%.
What happens when he obtained the portion? It was still uncertain, despite Langton's elucidation that McGregor was an investor in the beginning. Alt Global has had multiple pre-IPO entities in different countries, making it difficult to thoroughly investigate every aspect of their share register.
It is evident that Alta Global requires significant assistance from someone prominent. Before going public, the company's financial records demonstrate that it incurred a loss of A$20.5 million (€12.5 million) after taxes in 2023, which is an increase from A$11.1 million from the previous year. This caused the company's total losses to amount to A$38.3 million. The company cautioned that they may not be able to continue operating as a viable business, resulting in serious doubts.
After the IPO, that position will have become better because of the significant amount of money it received and the conversion of approximately $10 million convertible loan notes into stocks.
However, the statement in the company's prospectus regarding their need to raise more funds to continue operations may still hold true for some time, unless McGregor's participation can result in a noticeable increase in the number of subscriptions.
