Jeffs’ Brands Ltd JFBR shares are trading higher on Friday after the company inked a non-binding Letter of Intent for a potential merger of its wholly owned subsidiary Fort Products Limited with Impact Acquisitions Corp., a capital pool company listed on the TSX Venture Exchange.
The merger would involve Impact Acquisitions acquiring 100% of Fort Products’ shares. Meanwhile, Jeffs’ Brands will receive between 75.02% and 83.29% ownership of Impact’s share capital, contingent on meeting predetermined milestones.
The proposed acquisition values Impact at approximately C$4.85 million (around $3.37 million), and a total value ascribed to Fort Products of approximately C$17.12 million (approximately $11.906 million).
Impact’s board of directors will order a valuation of Fort Products, with the condition that its value will not be less than C$14.0 million (around $9.7 million) for the transaction to proceed.
Last month, Jeffs’ Brands secured exclusive rights to distribute advanced drone safety systems globally via Amazon.
Also, the company announced it regained compliance status with Nasdaq’s minimum bid requirement.
Price Action: JFBR shares are up 4.14% at $2.77 at the last check Friday.
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