Arax Holdings Corp. (OTCPK:ARAT) signed a letter of intent to acquire 14% stake in Undo Studios SA for $8.9 million on November 29, 2023. The parties entered into aSales Purchase agreement on November 30, 2023.

Arax Holdings Corp. has the option to acquire an additional 11% of Nemesis upon fulfillment of certain milestones to be agreed upon in a future agreement. As per the terms of the transaction, Arax Holdings will issue 6,650,000 shares of its common stock to satisfy the consideration.

In addition, the Company agrees to invest a total amount of $1,200,000 in cash installments of $100,000 per month starting December 1, 2023.