Algomizer, Ltd. (TASE:ALMO) signed an acquisition agreement to acquire 99.98% stake in Viewbix Ltd for ILS 8.2 million on September 6, 2018. Under the terms, Algomizer will issue a total of 1.49 million shares, of which 0.92 million common shares will be issued at completion and 0.57 million shares will be issued within 12 months from closing. Of the shares to be issued at closing, 0.14 million shares will be given to the trustee in order to ensure compensations of Algomizer in concept of law suits, preexistent to the agreement.

In addition, shares worth of $1 million (ILS 3.6 million) will be issued at a price of ILS 5 per share, in the event of sales of the platform which are higher than $2 million (ILS 7.2 million) and shares worth of $0.5 million (ILS 1.8 million) will be issued at a price of ILS 5 per share, in the event of sales of the platform which are higher than $1 million (ILS 3.6 million). Hillel Scheinfeld and Jonathan Stefansky, founders of the Viewbix and senior managers and employees of Viewbix will be transferred to Algomizer. Transaction is subject to publication of a private placement document for the consideration shares, approval from the Stock Exchange to issue the shares and the allotment of the first tranche of shares.