Vaxil Bio Ltd. (TSXV: VXL) and Green Data Center Real Estate Inc. have entered into a non-binding letter of intent to complete a reverse takeover that will see Green Data acquire Vaxil. The preliminary agreement was signed on May 25, 2024, and will be replaced by a definitive agreement to be signed by June 28, 2024. The deal, which is subject to regulatory approvals, will involve Vaxil divesting all its assets except for cash prior to completion. The transaction structure will be confirmed based on tax, legal, and accounting efficiencies. Amid growing data demands driven by artificial intelligence, Green Data develops renewable energy and data center projects. Concurrently, Green Data aims to raise at least C$2 million through a private placement. Post-transaction, Green Data shareholders will own around 90.3% of the resulting entity, while Vaxil shareholders and investors from concurrent financing will own smaller portions. Trading of Vaxil’s shares has been suspended pending transaction completion.
Biotechnology, Renewable Energy, Data Centers,Canada
https://www.globenewswire.com/news-release/2024/05/27/2888434/0/en/Vaxil-Bio-Enters-Into-Letter-of-Intent-With-Green-Data-in-Respect-of-A-Proposed-Reverse-Takeover.html