XTL Biopharmaceuticals Ltd. (TASE:XTLB) entered into a binding term sheet to acquire THE SOCIAL PROXY Ltd. for $0.43 million on March 20, 2024. In exchange, the XTL will issue a certain number of ADS's to Social Proxy shareholders, representing 44.6% of the company's share capital. Additionally, the company will pay $0.43 million to the shareholders of Social Proxy.

The completion of the Transaction is subject to negotiation of definitive agreements, containing representations, warranties and covenants as well as the satisfaction of various conditions required prior to closing, all as are customary for transactions of this nature, including, without limitation, the satisfaction of the Company, in its sole discretion, of a due diligence into Social Proxy, the approval of the Transaction by the Company?s shareholders and receipt of necessary government or third-party approvals, if required.