Lyte Investments Inc. entered into a non-binding letter of intent to acquire Atoro Capital Corp. (TSXV:TTO.H) for CAD 6.2 million in a reverse merger transaction on February 23, 2021. Pursuant to the LOI, Atoro will issue 20 million post-consolidated common shares on closing of the transaction. Atoro will also issue a further 1,666,667 common shares to Lyte as additional consideration in connection with a proposed acquisition of certain license and technology by Lyte. In addition, Atoro will issue up to 8,666,667 million performance shares to the Lyte shareholders be released against achieving certain pre-defined performance milestones and assume commitments to issue up to 4 million shares and warrants for certain services, and 9,746,667 shares upon conversion of outstanding convertible notes of Lyte. Immediately prior to closing, Atoro will consolidate its outstanding common shares on the basis of 1 new common share for each 1.85 existing common share. In connection with the transaction, Atoro and Lyte are proposing a financing of up to CAD 3 million. Atoro Capital will also change to Lyte Medical or similar name on closing of the transaction. As of October 13, 2021, trading in the shares of Atoro remain halted, pending receipt and review of acceptable documentation regarding the qualifying transaction.

On closing of the transaction, the board of directors of the combined company will comprise five directors, four of which are to be appointed by Lyte, and one by the Atoro, and the management of the Atoro will be appointed by Lyte, including its current Chief Executive Officer, Ali Mohamed.

The completion of the transaction is subject to the satisfaction of various conditions that are customary for a transaction of this nature, including but not limited to execution of a definitive agreement; the completion of the share consolidation, name change and concurrent financing, receipt of all requisite regulatory, stock exchange, or governmental authorizations and consents, including the exchange; and the completion of satisfactory due diligence by each of the parties.

Lyte Investments Inc. cancelled the acquisition of acquire Atoro Capital Corp. (TSXV:TTO.H) in a reverse merger transaction on July 7, 2022. The transaction was mutually terminated.