Automax Motors Clinches Exclusive Distribution Right For Charging Robotics' EV Wireless Robotic Charging Pad

Medigus Ltd MDGS subsidiary Charging Robotics Ltd inked a distribution agreement with Israel's Automax Motors Ltd for exclusive distribution of its wireless robotic charging pad in Israel and Greece for five years.
There is an extension option for an additional five years.
Automax Motors will market the wireless robotic charging pad for electric vehicles (EVs) and procure the necessary licenses, permits, and approvals for importing, marketing, and distributing such products.
Automax Motors will pay Charging Robotics a one-time payment of $50,000 to be the exclusive distributor in Israel and Greece.
Additionally, Automax Motors will have a five-year option to purchase up to 5% of Charging Robotics' shares at a $30 million pre-money valuation on a fully diluted basis following Charging Robotics' first financing round.
Automax Motors will have another five-year option to purchase shares of up to 5% Charging Robotics' share issue in any subsequent round, following the first financing round.
Charging Robotics is developing an on-demand autonomous charging system to be used anywhere, anytime.
Price action: MDGS shares traded higher by 6% at $1.86 on the last check Thursday.