The subsidiary Innowearable AB (publ) of Raytelligence AB (publ) moves forward with another party and cancels the process of completing a reverse acquisition of Mobintel LLC.
In June, Raytelligence AB (publ) subsidiary Innowearable AB (publ) ("Innowearable") entered into a letter of intent with the majority shareholder of Mobintel LLC ("Mobintel", formerly Tekmovil LLC), whereby Innowearable intended to acquire all shares in Mobintel through a so-called reverse acquisition. During the autumn, the circumstances surrounding the transaction with Mobintel became so complicated and delayed that the parties have now agreed to terminate the process, with Innowearable proceeding with another stakeholder.
In connection with the end of the exclusivity agreement with Innowearable in the autumn, the Board of Directors has also intensified its dialogue with other stakeholders.
The company intends to hold an Extraordinary General Meeting in order to carry out a directed set-off issue to repay loans to Raytelligence, which are included in the balance sheet, and thereby strengthen the equity. The company will then be essentially debt-free, making it more suitable for a reverse takeover.
This decision, together with ongoing discussions and negotiations with other promising candidates, makes the Board confident that the conditions for a reverse takeover are very favourable during the winter.
For further information, please contact:
Ben Hedenberg, CEO
Tel: +46 8-551 160 90
E-post: [email protected]
This information is information that Raytelligence AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-07 18:45 CET.
