Infobird Co (IFBD) has released an update.
Infobird Co., Ltd, a Nasdaq-listed company, has entered into an amendment to its equity acquisition agreement to purchase 65% of Pure Tech Global Limited, owned by SHANGRI-LA TRADING LIMITED, for a total purchase price of USD $40 million. The deal includes a mix of cash, a promissory note, and a debt waiver, and aims to acquire the Target Company’s equity free from encumbrances. This strategic acquisition is expected to be completed within 180 days and will enhance Infobird’s control over two subsidiaries through VIE agreements, thereby solidifying its market position.
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