QuasarEdge Signs Letter of Intent with Robseek
QuasarEdge Acquisition announced that it has entered into a non-binding letter of intent with Robseek to pursue a potential business combination. Robseek is an infrastructure platform company building a "device + data + AI + service" ecosystem that transforms from smart device distribution into an AI-driven physical world entry network, starting from the Middle East with its NOVA AI advertising platform and ALIF AI smartphones and smart-devices to capture recurring long-term value through data assets and intelligent distribution efficiency. QuasarEdge believes the proposed transaction with Robseek may present a unique and potentially extraordinary opportunity for its shareholders. Under the preliminary, non-binding terms, the parties are exploring a potential share-for-share exchange in which QuasarEdge would acquire 100% of the issued and outstanding equity of Robseek. While the structure remains subject to further negotiation and due diligence, the LOI contemplates an exchange ratio of one QuasarEdge share for each Robseek ordinary share, which would imply the issuance of up to approximately 100M QuasarEdge shares, based on a preliminary assumed value of $10.00 per share. The proposed transaction is expected to be subject to customary closing conditions, including regulatory approvals, shareholder approvals, and the availability of financing. The transaction remains subject to, among other things, execution of definitive agreements, completion of due diligence, approval of the boards and shareholders of the respective parties, and regulatory and other customary conditions.
