EvokAI Creative Labs Inc. (TSXV:OKAI) entered into a definitive agreement to acquire Head Instruments Oy for €4.4 million on April 21, 2023. Pursuant to the terms of the Acquisition, EvokAI Creative issued 3,724,674 common shares of EvokAI Shares to former securityholders of Head. The EvokAI Shares issued in connection with the Acquisition are subject to a contractual hold period expiring May 31, 2024.

Up to an additional 1,769,406 EvokAI Shares may be issuable to the former securityholders of Head upon Head achieving certain milestones on or before March 30, 2025. Following closing of the Head Acquisition, Head will be a wholly owned subsidiary of EvokAI. Completion of the Head Acquisition is subject to a number of standard conditions, including receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange.

The Head Acquisition is expected to close on or about May 15, 2023.