Fobi Ai Inc. (TSXV:FOBI) entered into an agreement in principle to acquire Qples, Inc. on July 27, 2021. Fobi Ai Inc. (TSXV:FOBI) entered into a definitive agreement to acquire Certain Specific Assets and Liabilities of Qples, Inc. for $4.2 million on September 27, 2021. In consideration for the Acquisition of certain assets and certain specified liabilities of Qples, Fobi expects the aggregate purchase price to be approximately $3.2 million and an additional $1 million in earn out. The consideration will be paid as follows: (i) $2.12 million in cash; (ii) remainder of the purchase price will be satisfied by the issuance of common shares of Fobi and (iii) an additional $1 million as earn-out. As of July 27, 2021, the transaction is subject to customary due diligence and Exchange approvals and is expected to be completed in August. As of September 15, 2021, Fobi Ai Inc reported with the anticipated closing of the previously announced Qples acquisition, the all-new additional capabilities and features such as collecting scan data directly from the barcode scanners is very well timed. Dorsey represented Fobi AI Inc., a in the purchase of certain specific assets and liabilities from Qples, Inc., a privately held digital coupon delivery platform providing brands with data about offers and consumers headquartered in Fort Worth, Texas.

Fobi Ai Inc. (TSXV:FOBI) completed the acquisition of Certain Specific Assets and Liabilities of Qples, Inc. from Qples, Inc. for $4.2 million on October 13, 2021. In consideration for the Acquisition of certain assets and certain specified liabilities of Qples, Fobi expects the aggregate purchase price to be approximately $3.2 million and an additional $1 million in earn out. The consideration will be paid as follows: (i) $2.12 million in cash; (ii) the remainder of the Purchase Price will be satisfied by the issuance of 1,222,551 common shares of Fobi Ai and (iii) an additional $1 million as earn-out. The TSX Venture Exchange approved the transaction.