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Electro-Sensors, Inc. (NASDAQ:ELSE), a leader in industrial monitoring systems, and Mobile X Global, Inc., one of the world's first connectivity-as-a-service companies, announced today that they have entered into definitive agreements to merge and re-name the combined company Mobile X Global, Inc.
Mobile X Global, Inc. will launch Mobile X, a new wireless brand positioned to disrupt the wireless industry. The merger partners also expect Mobile X Global's cloud-native platform to enable synergies between Mobile X and Electro-Sensors' wireless industrial sensor business.
The definitive merger agreement and related transactions have been approved by each company's board of directors and are subject to approval by the shareholders of each company. The directors, officers, and major shareholders of each company, who collectively own a majority of the shares of each company, have entered into agreements obligating them to approve the transactions.
Shares of the combined company are expected to continue to trade on the Nasdaq Capital Market under the ticker symbol "MOBX" upon closing of the merger, expected in the third quarter of 2022.
Posted In: ELSE
