NSW-based MMA app Alta Group Global raises $US6.5 million on New York Stock Exchange

Manly, NSW-based Alta Group Global, which operates a mixed-martial-arts training app, has raised $US6.5 million ($9.9 million) through a listing on the New York Stock Exchange (NYSE).

Operating a technology platform that allows gyms to run various mixed-martial arts and combat sports training programs, including Alta’s Warrior Training Program, UFC Fight Fit, and the Alta Academy, Alta Global, formerly known as Wimp 2 Warrior, trades under the symbol MMA - acknowledging its core 20-week training program product.

With an initial public offering priced at $US5 a share on the NYSE American exchange, subsequent trading gives the company a market capitalisation in excess of $US35 million.

Founded in 2013 by Nick Langton, Alta Group has attracted high profile backers, previously raising $800,000 in equity crowdfunding in 2019 and $7.5 million in 2021.

As reported by the Australian Financial Review, the company had reported operating losses of $20.6 million and $11.2 million for the 2023 and 2022 financial years and had disclosed in its financial documents filed with ASIC and its prospectus that “there is substantial doubt about our ability to continue as a going concern”, adding “we may require additional capital in order to execute our business plan and continue the operation of our business,” it said.

For the year to 30th June 2023, Alta reported a loss of $US13.7 million on revenue of $US1.4 million.

The company also acquired the assets of Mixed Martials Arts LLC, a USA-based independent MMA media company, for $US250,000 in stock and $US25,000 cash in October last year.

The company hopes listing on the NYSE American exchange will help it break into more than 45,000 martial arts and combat sports gyms in the USA.

Image credit: Alta Group Global.