Axington Inc. (Catalist:42U) agreed to acquire Achieva Technology Sdn. Bhd. from Serial I-Tech (Far East) Pte.

Ltd. for SGD 27 million on September 2, 2022. As on September 16, 2022, a further extension of time of up to 30 September 2023 to complete the Achieva Acquisition. On December 1, 2022, the Axington Inc. (Catalist:42U) received from the SGX-ST the no objection to the Further Extension of Time to complete the Achieva Acquisition.

The Axington Inc. (Catalist:42U) is working to satisfy the Waiver Conditions. As of April 3, 2023, Axington Inc. entered into an Amendment Letter with the Vendor to modify, amend and vary certain terms and conditions of the SPA. Transaction constitutes a "reverse takeover" transaction pursuant to Chapter 10 of the Catalist Rules, the Parties have commenced preparations for the completion of the transaction, including appointing a Catalist Sponsor, appointing the independent valuer to conduct the Independent Valuation, conducting legal due diligence on the Target Company, directors, controlling shareholders and executive officers.

In parallel, the Vendor has also commenced preparations for its application to the SIC for the Whitewash Waiver. The final amounts of the Purchaser Ascribed Value and the Purchase Consideration, being SGD 5.5 million and SGD 27.0 million respectively. As of June 8, 2023, the Whitewash Resolution has been waivered.

As of August 24, 2023, SIC has granted the Serial I-Tech an extension of three (3) months to 26 November 2023 to obtain approval of the Whitewash Resolution.