Sicily by Car S.p.A. agreed to acquire Industrial Stars of Italy 4 S.p.A. (BIT:IN4) from its shareholders in a reverse merger transaction on May 16, 2023. Upon proposal of the Board of Directors, following the exercise of the right of withdrawal by many shareholders which entails for Indstars 4 a total net outlay in excess to Euro 28 million (the "Statute Termination Condition"). The Business Combination is resolutely subject to: (i) the lack of approval by the Indstars 4 shareholders' meeting, (ii) the occurrence of the Statutory Termination Condition and (ii) the fact that the procedure for listing SbC on the EGM is not completed with positive result.

Subject to the completion of the business combination of Industrial Stars of Italy 4 with Sicily by Car, Sicily by Car will start trading on FTSE Italia Growth Index and FTSE Italia PIR PMI All Index from August 4, 2023. The transaction is approved by the assembly of Industrial Stars. The Business Combination is expected to be finalized by July 2023.

Intesa Sanpaolo S.p.A. (BIT:ISP) acted as financial advisor to SBC in the transaction.