Cirralto Business Services Pty Ltd signed a binding agreement to acquire Motopia Limited (ASX:MOT) in a reverse merger transaction on November 10, 2016. Under the acquisition, Motopia Ltd will issue 132.5 million of new shares as consideration (post completing a 100 for 1 share consolidation). Motopia Ltd will seek to raise approximately AUD 2.6 million via a combination of debt and/or equity. On completion of the transaction, Francis DeSouza a current Director of Cirralto, will join Motopia Ltd. as an Executive of Motopia Ltd., Adrian Floate, will assume the role of Executive Director and Francis DeSouza, current Director of Cirralto, will join Motopia as an Executive of Motopia Limited, reporting to the Board. The transaction is subject to due diligence on Cirralto Business Services Pty Ltd and due diligence on Motopia Ltd., approval from Motopia and Cirralto Business Services Pty Ltd shareholders and receiving all necessary approvals from ASX and ASIC, execution of employment contracts and completion of AUD 2.6 million of capital raising. The Independent Experts Report relating to this transaction is currently being finalized before a Notice of Meeting is issued for an Extraordinary General Meeting for shareholders to vote on the acquisition. All the necessary approvals are required to be fulfilled on and before March 31, 2017. As of May 29, 2017, notice of meeting for approval of transaction by shareholders has been filed. As of June 30, 2017, shareholders of Motopia Limited approve the transaction. The transaction is expected to be completed by March 14, 2017. As of July 12, 2017, the transaction is expected to close on or before September 30, 2017.