UZ SCENT TECHNOLOGIES Ltd. signed memorandum of understanding to acquire Nextgen Biomed Ltd (TASE:NXGN-M) in a reverse merger transaction on May 11, 2020. Under the terms of the transaction, UZ SCENT TECHNOLOGIES' shareholders will get 60% stake in Nextgen Biomed and additionally UZ SCENT TECHNOLOGIES' shareholders are entitled to being allotted additional Nextgen Biomed's shares upon completion of certain milestones such as positive results on clinical exams done on human beings, totaling the stake acquired in Nextgen Biomed to 70% of the issued and paid up share capital. Transaction is subject to receipt of all customary approvals.