Keo Capital (KEOC) Investor Update summary

Transaction overview and structure

• Binding business-combination agreement to acquire 100% of Keo Latam GTC Program LLC and Keo Puerto Rico LLC, including the GTC license and required technology.

• Consideration includes up to 117.4M shares for Keo World, contingent on operational milestones; additional issuances are planned for other investors and warrant holders.

• Strategic investors committed $35M at SEK 16/share, with one warrant per new share exercisable at SEK 16; the subscription price was described as a 300% premium to the prevailing price.

• Staged funding plan: $5M and ~3M shares, followed by $30M and ~18M shares alongside a proposed Nasdaq USA dual listing; target timing was ~180 days for the latter stage.

• Completion remains subject to structure validation, board and applicable regulatory approvals, and shareholder approval.

GTC business model and market opportunity

• USD-denominated B2B and travel-and-entertainment payment program under an American Express issuing license, initially targeting Latin America, the Caribbean and Canada.

• Short-term corporate financing typically carries ~40–45-day terms; B2B payment terms can extend to 30–120 days, with targeted yields of 1.4%–1.8% per month.

• Revenue streams include interchange, interest on extended terms, FX and cross-border payments, and spend-management services; AI tools are intended to support client insights and decisions.

• Market analysis cited $79B in formalized Latin American B2B transactions and $1.6T worldwide, with low card penetration and informal payment flows presented as digitization opportunities.

Illustrative capacity and funding

• Theoretical capacity analysis cited +$6B in annual billings, $100–130M in revenue and +$40–60M in net income; figures are illustrative, not forecasts or guidance.

• Theoretical financing capacity included $500M from senior lenders, $150M in equity investment and a ~ $650M revolving credit line, with an average 40–45-day term.

• Transaction materials indicated +$155M in cash and equivalents after the capital injection; a separate presentation described post-transaction cash and liquid assets of more than $120M.