Spirit Technology Solutions Ltd. (ASX:ST1) entered into an agreement to acquire Nexgen Australia for AUD 50 million on March 31, 2021. Under the terms of agreement, 30% of the consideration will be in Spirit shares and 70% in cash. The cash component will be funded from the capital raising. Spirits cash reserve and CBA debt facility. Spirit has successfully conducted an unconditional Placement to institutional and sophisticated investors raising AUD 23.8 million. CBA has further increased the Spirit debt facility by AUD 10 million. The additional funds raise the debt facility limit to AUD 25 million. On completion, Spirit will issue the completion shares at a deemed issue price of AUD 0.365 per share to the Nexgen vendors, with the shares escrowed for 12 months from completion date. The earnout component shares for the acquisition will be issued at a 20 business-day Volume Weighted Average Price (VWAP) at the relevant time. The transaction si not subject to any shareholder approval. The completion of the acquisition is expected to occur on or about April 8, 2021. Spirit Technology Solutions Ltd. (ASX:ST1) completed the acquisition of Nexgen Australia on April 8, 2021.