Bubs Australia Limited (ASX:BUB) entered into a memorandum of understanding to acquire an unknown stake in Beingmate's facility located in Beihai China from Beingmate Co., Ltd. (SZSE:002570) on August 24, 2020. Bubs Australia Limited raised AUD 28.3 million via share placement and AUD 10 million via share purchase plan, part of which will be used to fund the acquisition of an ownership interest in Beingmate's facility located in Beihai China. As a result of acquisition, Bubs Australia Limited will obtain exclusive use of a SAMR approved brand slot.

Kylie Lane and Eliza Blandford of Ashurst Australia acted as legal advisors to Bubs Australia Limited.