Jeffs’ Brands signs LOI to merge Fort Products with Impact Acquisition

Jeffs’ Brands (JFBR) has signed a non-binding Letter of Intent for the potential merge of Fort Products with Impact Acquisitions Corp. Under the proposed share exchange agreement, Impact Acquisitions will acquire 100% of Fort Products’ shares. Jeffs Brands will receive between 75.02% and 83.29% ownership of Impact share capital, contingent upon meeting predetermined milestones. The Proposed Acquisition is based on a total value of Impact of approximately C$4,846,262 and a total value ascribed to Fort Products, of approximately C$17,124,600. Impact’s board of directors will order a valuation of Fort Products, and a condition for the Proposed Transaction is that the value of Fort Products will not be less than a minimum amount of C$14,000,000. The transaction is subject to due diligence, regulatory approvals, and the satisfaction of specific conditions.