CFOAM Limited (ASX:CFO) entered into a conditional agreement to acquire 10.2% stake in Innovaero Technologies Pty Ltd for AUD 1.6 million on October 8, 2020. The proceeds of AUD 3.8 million from rights issue will be used in the transaction for funding. The transaction is subject to CFOAM Limited completing a new equity raising for a minimum of AUD 3 million and due diligence. As of November 4, 2020 the takeover panel of Australian Government received an application from shareholders of CFOAM Limited regarding whether to undertake a 4 for 3 renounceable entitlement issue at an issue price of AUD 0.015 per share to raise AUD 3.8 million. As of November 9, 2020 the takeover panel of Australian Government has declined to conduct proceedings. As of November 24, 2020 CFOAM Limited has satisfied the conditions for its proposed investment in Innovaero Technologies Pty Ltd and will proceed to the settlement of this investment. CFOAM Limited (ASX:CFO) completed the acquisition of 10.2% stake in Innovaero Technologies Pty Ltd on November 26, 2020.