Xurpas Inc. has cancelled a planned issuance of 100 million shares to PPARR Management & Holding Corp., scrapping a capital infusion deal that was originally intended to raise P10 million for general working capital needs.
The company said its board approved the cancellation on May 13, effectively withdrawing the earlier January 14 resolution that authorized the issuance and listing of the subscription shares at P0.10 per share, equivalent to par value.
The aborted transaction would have given PPARR Management & Holding Corp. a 3.83 percent stake in the listed technology firm.
Xurpas said the subscription payment was never received, and no shares were issued or recorded by its stock transfer agent. As a result, the planned equity placement did not proceed, and the company confirmed that no change in its issued share capital has taken place.
The January proposal was originally positioned as a straightforward capital-raising exercise aimed at supporting working capital requirements amid ongoing efforts to stabilize operations. However, the absence of payment ultimately rendered the transaction void.
The cancellation highlights continued corporate restructuring activity within Xurpas as it navigates a challenging operating environment and seeks to streamline its financial position. The company did not provide further details on whether an alternative fundraising plan is being considered following the termination of the subscription deal.
Xurpas, once a high-profile name in the Philippine technology sector, has in recent years focused on cost management and operational adjustments as it works to sustain its business amid shifting digital market dynamics.
The latest development underscores the company’s cautious approach to capital raising, with no immediate indication of replacement investors or revised equity plans following the scrapped subscription.
