NEWS
Xylo: Gix Internet Signed MOU for Investment and Merger with an AI- Robotics Company
Xylo Technologies (Nasdaq: XYLO) announced that its subsidiary Gix Internet (45.75% owned by Xylo, TASE: GIX) signed a non-binding MOU with a robotics company specializing in AI autonomous robotics for medical logistics. The MOU outlines a share exchange transaction, where the robotics company will become a wholly-owned subsidiary of Gix. The completion of this transaction is expected to provide Gix with growth opportunities and technological advancements in AI and robotics. Shareholders of the robotics company will receive 30% of Gix's ordinary shares, with options to increase holdings to 37.5% and 45% upon meeting specific commercial milestones.
06/06/2024 - 06:27 AM
TEL AVIV, Israel, June 06, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo”), a technology-based company engaged in advanced innovative technologies, announced today that Gix Internet Ltd. (“Gix”) (45.75% owned by Xylo) (TASE: GIX), signed a non-binding memorandum of understanding (MOU) with the shareholders of a robotics company specializing in artificial intelligence (AI) autonomous robotics solutions, mainly for logistics distributions in certain medical centers (“Robotics Company”).
Pursuant to the MOU, subject to the negotiation and execution of a definitive agreement, Gix will execute a share exchange transaction with Robotics Company. Subject and upon completion of the contemplated transaction, the Robotics Company is set to become a wholly owned subsidiary of Gix. Gix expects the contemplated transaction, once consummated, to allow Gix to execute on additional growth opportunities and technological advancements in the field of AI and robotics.
Pursuant to the MOU and subject to the fulfillment of customary closing conditions in the forthcoming definitive agreement, the shareholders of the Robotics Company will transfer all their shares to Gix in exchange for 30% of the issued and outstanding ordinary shares of Gix. The shareholders of the Robotics Company will have the option to increase their holdings to 37.5% and 45% of the issued and outstanding shares of Gix upon completion of two separate commercial milestones.
TEL AVIV, Israel, June 06, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo”), a technology-based company engaged in advanced innovative technologies, announced today that Gix Internet Ltd. (“Gix”) (45.75% owned by Xylo) (TASE: GIX), signed a non-binding memorandum of understanding (MOU) with the shareholders of a robotics company specializing in artificial intelligence (AI) autonomous robotics solutions, mainly for logistics distributions in certain medical centers (“Robotics Company”).
Pursuant to the MOU, subject to the negotiation and execution of a definitive agreement, Gix will execute a share exchange transaction with Robotics Company. Subject and upon completion of the contemplated transaction, the Robotics Company is set to become a wholly owned subsidiary of Gix. Gix expects the contemplated transaction, once consummated, to allow Gix to execute on additional growth opportunities and technological advancements in the field of AI and robotics.
Pursuant to the MOU and subject to the fulfillment of customary closing conditions in the forthcoming definitive agreement, the shareholders of the Robotics Company will transfer all their shares to Gix in exchange for 30% of the issued and outstanding ordinary shares of Gix. The shareholders of the Robotics Company will have the option to increase their holdings to 37.5% and 45% of the issued and outstanding shares of Gix upon completion of two separate commercial milestones.
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