Cannabit Holdings Ltd. signed a memorandum of principles to acquire A.L. Capital Holdings (2016) Ltd (TASE:CPHO-M) in a reverse merger transaction on April 29, 2018. Under the deal, Cannabit Holdings Ltd. will transfer its rights including 74% of the activity of Cannabit Ltd. against allocation of 87.5% of the A.L. Capital Holdings’ issued and paid up capital to the shareholders of Cannabit Group. In a related transaction, A.L. Capital Holdings (2016) Ltd will publish a rights offering prospectus prior to the closing of the transaction. Following the deal, Cannabit Ltd will change its name to Cannabit Agro Ltd. The Board of A.L. Capital Holdings (2016) Ltd has approved the deal. Cannabit Holdings Ltd. cancelled the acquisition of A.L. Capital Holdings (2016) Ltd (TASE:CPHO-M) in a reverse merger transaction on April 29, 2019.