Salcef Group S.p.A. signed a Framework agreement to acquire Industrial Stars of Italy 3 S.p.A. (BIT:IN3) in a reverse merger transaction on April 15, 2019. Under the terms, Salcef will issue 10 million common shares, 0.48 million special shares and 15 million warrants in which 7.5 million to be reserved shareholders of Industrial Stars. Aftre transaction shareholders of Salcef will retain 70% stake of combined company.

Transaction subject to the approval of Industrial Stars shareholders. As of July 11, 2019, Industrial Stars shareholders approved the transaction.