iWOW signs non-binding term sheet for $11.2m planned acquisition

The company is planning to fully acquire a healthcare nutrition company.

iWOW Technology Limited entered into a non-binding term sheet to acquire 100% of the issued and paid-up share capital of a Singapore-incorporated healthcare nutrition company, valuing the target at $11.2m, according to a filing.

The proposed acquisition will be satisfied through approximately $7.2m in cash, including a $1.0m payment to the founder and chief executive officer, with the remaining balance to be met through the issuance of new ordinary shares to the founder.

The transaction remains subject to the signing of a definitive sale and purchase agreement, with the term sheet legally binding only in respect of aggregate consideration, form and satisfaction of consideration, exclusivity and confidentiality.

The target company is engaged in the research, development and provision of clinically formulated therapeutic meals and rehabilitation-related solutions, primarily serving institutional healthcare and eldercare customers, whilst expanding into the consumer market.

Completion is subject to customary conditions precedent, including due diligence, regulatory and board approvals and funding commitments, with completion expected to take place within six months from the execution of the definitive agreement, and the transaction is expected to constitute a disclosable transaction under the Catalist Rules, the company said.

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