ASX Suspension Looms as My Rewards Seeks Debt Conversion and Capital Boost

Strategic Acquisition Enhances Loyalty Solutions

My Rewards International Limited (MRI) has taken a significant step forward in its growth strategy with the acquisition of Fly Wallet Pty Ltd, an Australian Financial Services-licensed Mastercard Principal Member. This move substantially upgrades MRI’s ability to offer white-labelled, Mastercard-backed loyalty and card-linked reward programs to both business and consumer clients, positioning the company as a more comprehensive provider in the customer engagement technology space.

The integration of Fly Wallet’s capabilities with MRI’s existing platforms; including the Klevo consumer cashback card and Frankly Digital marketing services; signals a shift towards a seamless, mobile-first experience for users. This next-generation platform aims to unify loyalty, rewards, and engagement technologies under one roof, potentially increasing MRI’s appeal to corporate clients seeking sophisticated, subscription-based customer engagement solutions.

Navigating ASX Suspension and Reinstatement Conditions

Despite these operational advances, MRI’s securities have remained suspended from official quotation on the ASX since October 2023 due to concerns over the company’s financial condition and audit disclaimers. The ASX has made clear that reinstatement will only occur once MRI meets several stringent conditions, including demonstrating compliance with key listing rules and securing sufficient working capital for at least 12 months.

To satisfy these requirements, MRI has outlined a partially underwritten 1-for-2 entitlement offer aimed at raising up to A$3.98 million at $0.009 per share, alongside a shareholder-approved debt conversion proposal to convert up to A$1.9 million of liabilities into equity. The company is preparing to announce an Annual General Meeting and the entitlement offer shortly, marking critical milestones in its path back to the ASX.

Financial Position and Outlook

The June 2025 quarter saw MRI generate a modest net cash inflow from operating activities of $89,000, with a closing cash balance of $645,000. Additionally, the company maintains access to a $15 million put option facility with LDA Capital Limited, providing a substantial liquidity buffer as it navigates its reinstatement process and continues platform development.

While these financial metrics indicate some operational stability, the company’s ability to fully satisfy ASX’s working capital and compliance conditions remains under close scrutiny. The successful execution of the entitlement offer and debt conversion will be pivotal in restoring investor confidence and unlocking the company’s potential on the public market.

Positioning for the Future

My Rewards International’s strategic moves reflect a broader ambition to become a leading global provider of customer engagement technologies, leveraging Mastercard’s infrastructure to deliver innovative loyalty solutions. However, the road ahead involves navigating regulatory hurdles and market skepticism, with the ASX retaining ultimate discretion over reinstatement.

Investors will be watching closely as MRI announces its upcoming shareholder meeting and capital raising initiatives, which will be critical tests of both market appetite and the company’s operational resilience.