CYPRUS / ACCESSWIRE / May 22, 2020 / Exelixi Investment Public Company, a public company trading on the Cyprus Main Board Exchange and London Stock Exchange (Cyprus Stock Exchange Symbol EXIN)(LSE:0EE0), United Kingdom (the 'Company') and Digital Access Pass Pte. Ltd. (the 'Buyer Entity'), an advanced digital technology company incorporated in Singapore, have entered into a memorandum of understanding (the 'Memorandum of Understanding'), under which, the Company (or its nominee) and the Buyer Entity will negotiate in good faith to enter into a definitive binding agreement (the 'Formal Agreement') to acquire (the 'Proposed Acquisition') the controlling equity share capital in the company (the 'Target Company').
The Memorandum of Understanding is exclusive and confidential and is legally binding and irrevocable. Further terms of the Formal Agreement have yet to be determined and finalized and part of the payment consideration may involve issue of new securities of the Company to the Buyer Entity.
Until the earlier of the execution of the Formal Agreement on or before June 30, 2020, the Company agrees to enter into exclusive negotiation with the Buyer Entity regarding the Proposed Acquisition. If the Formal Agreement cannot be entered into by the expiry of such period, the Memorandum of Understanding shall be terminated.
It is expected that the Proposed Acquisition, if finalized, may constitute a notifiable transaction and change of Symbol of the Company under the Listing Rules in Cyprus Public Stock Exchange and London Stock Exchange, United Kingdom. Further announcement will be made by the Company when the Company enters into the Formal Agreement or the Company decides to terminate if applicable to the Memorandum of Understanding or there is any material development on the Proposed Acquisition.
SOURCE: EXELIXI INVESTMENT PUBLIC LTD
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