Canadian online interior design firm Whole New Home has nabbed Silicon Valley heavy hitter Nik Ajagu to join its board ahead of plans to reverse list on the ASX later this year.
New York-based Ajagu is currently the head of global partnerships at Atlas, Facebook’s advertising tech suite. He signs on as a non-executive director with 333,333 fully paid ordinary shares, 333,333 Class A Performance Shares and 333,334 Class B Performance Shares each. Also joining the board as a NED is Canadian Nathan Sellyn, co-founder of the investor relations firm Assembly Stakeholder Relations, with the same share deal.
Whole New Home will come onto the Australian market via a reverse takeover of ASX-listed miner Magnolia Resources in the second half of 2015, with an expected market cap of $22 million following a $5 million equity capital raising at 20c a share.
The Canadian-based e-commence platform launched at the start of 2015 and has 30,000 home décor products and 255 home designers, generating around 3,700 unique visitors monthly. It’s aiming for 500,000 products in 2016.
Ajagu believes the company has huge potential for growth as it goes global.
“I have no doubt that Whole New Home has the potential to be a $1 billion company with the right execution strategies in play,” he said.