Integrated Media Technology (IMTE) Acquires Magnum International Holdings for $11M In Stock

October 12, 2021 8:31 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Integrated Media Technology Limited (NASDAQ: IMTE), announces today the signing of a conditional sale and purchase agreement to acquire 100% equity interest in Magnum International Holdings Limited ("Magnum"), for US$11 million which will be paid by the issuance of 3,630,360 ordinary shares in the Company at US$3.03 per share. The acquisition of Magnum by the Company is conditional on, and amongst other conditions, a satisfactory due diligence (at the sole determination of the Company), on the legal and financial affairs of Magnum. Pursuant to the Agreement, the long stop date to complete this transaction shall be within 3 months from the date of the Agreement.

Magnum is a technology development company based in Dalian, China that intends to build a post diagnose medical and healthcare platform using big data and artificial intelligence. Magnum is currently developing the smart pharmacy system and health platform for hospitals and pharmacies. Magnum will focus on the development of a post diagnosis platform integrating wearable medical devices for real time monitoring, and the integration of medical resources to provide consumers with medical and healthcare information.

Mr. Xiaodong Zhang, IMTE's CEO stated, "The technology healthcare market is a fast-growing market. The acquisition of Magnum will bring us technology and an entry into the post diagnostic medical and healthcare market. We look forward to completing the acquisition and incorporating Magnum IoMT (Internet of Medical Things) into our IoT business unit."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Equity Offerings, Mergers and Acquisitions

Related Entities

Definitive Agreement