DigiMax Global Inc. (CNSX:DIGI) entered into non-binding memorandum of understanding agreement to acquire Spetz Tech Ltd. for approximately CAD 14 million on April 25, 2022. Further to the Transaction, the DigiMax Global and Spetz have agreed on a revenue and expense model which ensures that up to CAD 5 million will be allotted by DigiMax to Spetz following the Closing Date, provided certain revenue targets are achieved. Immediately following the date of the closing of the Transaction Spetz shall continue as a wholly-owned subsidiary of DigiMax and the DigiMax Global will appoint two new members to its board of directors (the "Board") in addition to the four existing Board members, Yossi Nevo, the current Chief Executive Officer of Spetz, will assume the role of Chief Operating Officer of the Company, Ofir Friedman, Spetz's current VP of Marketing & Business Development, and one member of the Board shall be appointed as executive officers of the DigiMax Global, with such titles to be agreed upon in advance of the closing of the Transaction. Transaction is expected to close on or before June 15, 2022 subject to normal regulatory approvals in Canada and Israel. The proposed transaction is also subject to a number of other customary conditions, including the completion of final mutual due diligence investigations, the execution of definitive documentation and the approval of the Canadian Securities Exchange. As of June 23, 2022, Definitive agreement has signed between DigiMax Global and Spetz Tech. In connection with the Transaction, DigiMax Global and Spetz have agreed to pay a finder's fee to a certain arm's length party (the "Finder's Fee"). The Finder's Fee is comprised of 4 million common shares of DigiMax Global, as well as 4 million ordinary shares of Spetz. The transaction is expected to close in the coming weeks. As of July 15, 2022, DigiMax announced companies have completed substantially all closing tasks and the closing is now subject to satisfactory receipt of audited statements from the Spetz auditors for December 31 2020 and 2021, restated under IFRS guideline
DigiMax Global Inc. (CNSX:DIGI) completed the acquisition of Spetz Tech Ltd. on August 16, 2022.