Iconic Labs Plc (LSE:ICON) entered into a non-binding letter of intent to acquire an unknown majority stake in Sting Industries Ltd. from Ott Ventures S.R.O. on May 10, 2021. The consideration is payable in a combination of convertible notes, warrants and cash, and provide a long-term financing facility to meet Sting's working capital needs. A long-term financing facility of up to £50 million with European High Growth Opportunities Securitization Fund will be provided to facilitate the transaction. The transaction is subject to completion of due diligence.