PlayUp Interactive Pty Ltd entered into a non-binding term sheet to acquire AdRabbit Limited for CAD 0.5 million in a reverse merger transaction.

PlayUp Interactive Pty Ltd entered into a non-binding term sheet to acquire AdRabbit Limited (TSXV:RABI) for CAD 0.5 million in a reverse merger transaction on March 6, 2024. Under the terms, AdRabbit will issue 100 million shares as consideration. Post completion, PlayUp will hold 60.89% stake in the resulting entity.

On completion the resulting entity shall be renamed PlayUp Limited. Chief Executive Officer of PlayUp shall be the Director and Chief Executive Officer of the resulting entity. The transaction is subject to due diligence, completion of the concurrent financing, execution of definitive transaction documents, completion of the name change, receipt of all necessary board, securityholder and regulatory approvals and approval of the listing of the common shares.