Bonzun Health Information Ab entered into a non-binding letter of intent to acquire Papilly AB (publ) (OM:PAPI) for approximately SEK 180 million in a reverse merger transaction on April 19, 2021. As a part of consideration under transaction, Papilly will issue 1.1 billion new shares, representing 65% stake in Papilly to Bonzun Health Information Ab. Post transaction, name of Papilly will change to Bonzun AB (Publ). Intention is that Papilly's shares are still listed on NASDAQ First North Growth Market after the transaction. Letter of intent is valid until May 31, 2021 and then expires if no final transfer agreement is entered between parties. As of June 7, 2021, Bonzun Health Information AB entered into an agreement to acquire Papilly AB (publ). On April 30, 2021, the shares in Papilly AB (publ) (under name change to Bonzun AB (publ)) were given observation status after Papilly AB (publ) had entered into a letter of intent to acquire Bonzun Health Information AB, resulting in a decision by Nasdaq Stockholm AB that Papilly AB (publ) would have to undergo an examination comparable to that conducted for an entirely new issuer applying for admission to trading. The acquisition is conditional upon, inter alia, approval by a general meeting of Papilly AB (publ)’s shareholders and Nasdaq Stockholm AB’s decision to admit Papilly AB (publ)’s shares to continued trading on Nasdaq First North Growth Market. On August 31, 2021, Nasdaq Stockholm AB approved Papilly AB (publ)´s shares for continued trading on Nasdaq First North Growth Market. On September 30, 2021, the extraordinary general meeting of Papilly AB (publ) shareholders decided to approve the acquisition. As of June 7, 2021, the transaction is expected to complete during the second half of 2021.