XTLB - XTL Entered Definitive Agreement to Acquire The Social Proxy | Benzinga
expands its IP portfolio to AI Web Data
The Social Proxy is a web data AI company
developing and powering an IP based platform
for AI & BI Applications at scale
Secured $1.5 Million in a Private Placement
RAMAT GAN, ISRAEL, June 05, 2024 (GLOBE NEWSWIRE) -- XTL Biopharmaceuticals Ltd. (the "Company" or "XTL") announced today it has entered into a definitive share purchase agreement with the current shareholders of THE SOCIAL PROXY Ltd. (the "Social Proxy"), an AI web data company, developing and powering a unique ethical, IP based, proxy and data extraction platform for AI and BI Applications at scale (the "Purchase Agreement").
Pursuant to the Purchase Agreement, the Company will acquire all of the issued and outstanding share capital of Social Proxy on a fully diluted basis (the "Transaction") in exchange for the issuance by the Company to the shareholders of the Social Proxy, by way of a private placement, such number of ADSs of the Company, representing immediately after such issuance, 44.6% of the issued and outstanding share capital of the Company and the payment of US$430,000 to the shareholders of the Social Proxy.
In addition, as part of the Transaction, the shareholders of Social Proxy will be issued additional warrants, which may only be exercised upon reaching certain financial measured milestones within a period of up to three (3) years from the closing of the Transaction.
Social Proxy will operate as fully owned subsidiary of the Company and its shareholders will be entitled to appoint two (2) representatives to the Company's board of directors out of a total of up to seven (7) directors.
The Transaction is part of the Company's strategy to expand its assets portfolio with high potential assets.
In order to support the Company's financial needs and in order to complete the Transaction, the Company has secured a commitment, that was approved by the shareholders on April 30th, of an investment at an amount of US$1,500,000 through a private placement to be consummated upon the closing of the ...