XTL To Aquire The Social Proxy; To Acquire All Issued and Outstanding Share Capital On Fully Diluted Basis; Representing Immediately 44.6% Of Issued And Outstanding Share Capital And Payment Of $430,000 To Social Proxy Shareholders
Portfolio Pulse from Benzinga Newsdesk
XTL Biopharmaceuticals (XTLB) is set to acquire The Social Proxy, obtaining all issued and outstanding share capital, initially representing 44.6% of the share capital, with a payment of $430,000 to Social Proxy shareholders. This acquisition expands XTLB's IP portfolio into AI web data, as The Social Proxy is an AI company focused on developing a platform for AI & BI applications. Additionally, The Social Proxy has secured $1.5 million in a private placement.
March 20, 2024 | 2:23 pm
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XTL Biopharmaceuticals acquires The Social Proxy, expanding its IP portfolio into AI web data, with a $430,000 payment to shareholders and a secured $1.5 million private placement for The Social Proxy.
The acquisition of The Social Proxy by XTLB is likely to have a positive short-term impact on XTLB's stock price. This move not only diversifies XTLB's intellectual property portfolio into the growing field of AI and web data but also demonstrates the company's proactive approach to growth and innovation. The financial commitment of $430,000 to Social Proxy shareholders, along with the $1.5 million secured in private placement, indicates a strong belief in the value and potential of The Social Proxy's technology. This strategic acquisition could attract investor interest and potentially increase stock value in the short term.
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