SpotLite360 IOT Solutions, Inc. (CNSX:LITE) entered into a non-binding Letter of Intent to acquire TrackX Holdings Inc. (TSXV:TKX) on December 7, 2022. The Proposed Transaction is expected to be structured as a plan of arrangement, merger, amalgamation, share exchange, and/or other similar transaction that will result in TrackX becoming a wholly owned subsidiary of SpotLite360. SpotLite360 is also reported that James Greenwell has resigned as the Chief Executive Officer and President of Spotlite360. Tim Harvie, will be assuming the interim responsibilities of President and Chief Executive Officer on behalf of the Company through the completion of the Proposed Transaction. SpotLite360 and TrackX have agreed to negotiate in good faith the terms of a definitive agreement with respect to the Proposed Transaction and to consummate the Proposed Transaction during Q1 2023.
In addition to entering into a definitive agreement between the parties, the Proposed Transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the Canadian Securities Exchange ("CSE"), approval of the TSX Venture Exchange (ôTSX-Vö), TrackX shareholder approval, and completion of due diligence reasonable or customary in a transaction of a similar nature, among other conditions.