SkinTeam Norge AS agreed to acquire Taurus Energy AB (publ) in a reverse merger transaction on March 29, 2023. The transaction is subject to final negotiations between the parties. The transaction is conditional on SkinTeam carrying out a new issue of NOK 8 million before the implementation of the transaction.

For each existing share in Taurus, six (6) new shares will be issued to SkinTeam's shareholders. After the completed merger, SkinTeam shareholders will receive approximately 85.7 percent of the combined company, while Taurus' existing shareholders will receive 14.3 percent. Under the condition that a binding share transfer agreement is entered into, Taurus will call an extraordinary general meeting for decisions on, among other things, approval of the Transaction and new issue of shares as consideration in the Transaction.

The parties intend to complete the Transaction during the second quarter of 2023.