Jeffs' Brands Signed A Non-Binding Letter Of Intent With Sky Growth Partners To Invest $2M In Digital Light Processing Laser-Based System; To Hold A 70% Equity Interest

Author: Benzinga Newsdesk | December 18, 2023 09:21am
The Company signed a non- binding letter of intent to acquire 70% stake in cutting-edge laser-based technology company, developing anti-drone solutionsAccording to the LOI, as previously announced on December 14, 2023,

The Company signed a non- binding letter of intent to acquire 70% stake in cutting-edge laser-based technology company, developing anti-drone solutions

According to the LOI, as previously announced on December 14, 2023, Sky Growth will establish and transfer all of its rights in the technology to a new Israeli company that will develop, manufacture and market the technology ("NewCo"). Following an investment of $2 million by Jeffs' Brands, it will hold a 70% equity interest in NewCo. In addition, pursuant to the terms of the LOI, the Company will establish a credit line of up to $250,000 bearing an annual interest of 8% for the utilization by NewCo for a limited time period, subject to certain conditions as to be approved by the parties. The LOI also includes certain milestone conditions that if achieved by NewCo, will grant the founders, for no additional consideration, additional equity interests in NewCo.

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