Finnish Batteries Oy signed an letter of intent to acquire Enersize Oyj (OM:ENERS) in a reverse merger transaction on October 18, 2021. As per terms of transaction, The Transaction further includes the re-listing of Enersize, then renamed TeraFactory Oyj, on Nasdaq First North Growth Market Stockholm, as well as the re-listing of Enersize Sweden. Provided that the Transaction is completed, Enersize shareholders will own 100% of Enersize Sweden and about 10% of TeraFactory. Finnish Batteries Oy will be renamed as TeraFactory.
The transaction with TeraFactory is conditional upon Enersize transfers all assets and liabilities to Enersize Sweden, Enersize distributes 100% of the shares in Enersize Sweden to Enersize shareholders, both companies after contemplated transaction receive conditional approval for listing on Nasdaq First North Growth Market Stockholm, Enersize acquires 100 percent of TeraFactory through a non-cash consideration issue of shares to TeraFactory shareholders, After the share issue, TeraFactoryÆs shareholders owns 90% of the shares and EnersizeÆs initial shareholders owns about 10% in Enersize that has changed name to TeraFactory and the transaction being approved by Extraordinary General MeetingsÆ in both Parties. Transaction is expected to complete in Q2, 2022.
Finnish Batteries Oy cancelled the acquisition of Enersize Oyj (OM:ENERS) in a reverse merger transaction on Octobre 24, 2022. During the course of the process, the parties have established that there is a lack of consensus about the future. The parties have therefore agreed to suspend work on the reverse acquisition.