ELES Semiconductor Equipment S.p.A. (BIT:ELES) agreed to acquire 62.66% in Cbl Electronics Srl from Massimiliano Bellucci and Andrea Cannavicc for €1.3 million on May 10, 2022. Total consideration of €940,000 of which €540000 paid in cash and €400000 to be paid at the discretion of Eles in cash or in Eles shares to be issued at a piece equal to the greater between the weighted average of the prices of the ELES Shares in the 30 calendar days prior to today's date and the weighted average of the prices of the ELES Shares in the 15 calendar days following the subscription date. if certain conditions are met, an earn-out of €400,000 will be paid to the Selling Shareholders. The remaining 4% of the shares held by the Selling Shareholders are subject to a "put and call" mechanism by September 30, 2023. The transaction will be financed through the use of Eles' own resources. Execution of the transaction is subject to the occurrence of the usual conditions precedent for transactions of this type, including: (i) obtaining authorisation from the Presidency of the Council of Ministers pursuant to Italian Legislative Decree 21/2012 (so-called "golden powers legislation"); (ii) completion of the approval procedure provided for in CBL's articles of association; (iii) obtaining waivers from certain contractual counterparties to the transfer of control of CBL. Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisor to Eles. Fabio Bartoccini of Arlex Arrigoni Avvocati Associati acted as legal advisor to Massimiliano Bellucci and Andrea Cannavicci.

ELES Semiconductor Equipment S.p.A. (BIT:ELES) completed the acquisition of a 62.66% in Cbl Electronics Srl from Massimiliano Bellucci and Andrea Cannavicc on August 1, 2022.