PETALING JAYA: Zetrix AI Bhd is moving closer to listing its artificial intelligence (AI) unit in the United States via a potential reverse merger exercise similar to Malaysia-born ride-hailing player Grab in 2021.
Sources said the listing on Nasdaq may take place in collaboration with Forefront Tech Holdings Acquisition Corp (FTHAC) which was recently listed on the same platform a month back.
Wong Thean Soon, group managing director of Zetrix, previously told Bloomberg that the listing of its AI Foundation Lab is expected to be completed by end-2026.
Wong directly owns 15.18% of the Main Market-listed Zetrix and another 14.52% indirectly via Asia Internet Holdings Sdn Bhd. On May 25, Zetrix signed a memorandum of understanding (MoU) with FTHAC for a proposed business combination.
In a filing with Bursa Malaysia, Zetrix said the MoU provides a “framework for collaboration and facilitates discussions” between both parties, although it did not mention any details related to a potential listing.
“It allows both parties to gain a better understanding of each other’s strategies and capabilities and to explore areas of mutual interest where cooperation may create synergistic benefits,” it noted.
FTHAC is a special purpose acquisition company (SPAC) incorporated on Nov 3, 2025, in the Cayman Islands and listed on Nasdaq.
Moreover, it began trading on the Nasdaq Global Market on April 30, 2026, and completed its initial public offering on May 1, 2026.
“FTHAC is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, recapitalisation, reorganisation or similar business combination with one or more businesses,” Zetrix said.
The MoU is non-binding and does not create any legal obligation for either party to proceed with or complete the proposed transaction unless definitive agreements are signed.
“However, certain provisions of the MoU, including confidentiality, exclusivity, waiver against the FTHAC trust account, governing law and other customary clauses, remain legally binding,” Zetrix said.
The MoU shall remain valid for an exclusivity period of 180 days, with an option for the parties to mutually extend the period by an additional 30 days.
The proposed collaboration, if completed, would effectively provide Zetrix with a backdoor listing route to Nasdaq via a SPAC merger, rather than a traditional initial public offering.
For its first quarter ended March 31, 2026, Zetrix’s net profit rose to RM271.33mil from RM181.64mil in the previous corresponding quarter, while revenue grew to RM386.3mil from RM299.99mil a year earlier.
The company said the improved revenue and profit were driven by the continuous contribution from web3 application service fees on Zetrix.
