NexTech AR Solutions Corp. (OTCPK:NEXC.F) signed a binding letter of intent to acquire Threedy.ai Inc. for $7.7 million on May 14, 2021. NexTech AR Solutions Corp.

signed a definitive agreement to acquire Threedy.ai Inc. on June 22, 2021. As per the transaction, NexTech AR Solutions Corp. will issue common shares upon closing of $9.5 million to threedy.ai.

Under the terms, NexTech AR Solutions Corp. issued 3.88 million shares on closing. The common shares will be subject to certain contractual restrictions on trading for a period of up to 23 months from the date of issuance.

As a part of the transaction, threedy.ai team, including the founders, will join NexTech AR Solutions Corp. Nima Sarshar, Co-Founder and Chief Executive Officer of threedy.ai and Max Hwang, Co-Founder & Chief Technology Officer of threedy.ai will provide executive services to threedy.ai and NexTech AR Solutions Corp. The transaction is subject to acceptance of the Canadian Securities Exchange and the Neo Exchange Inc. and the completion of satisfactory due diligence by Nextech.

The completion is expected to take 30 days. As of June 22, 2021, the deal is expected to closed on or about June 25, 2021.