(RTTNews) - Viewbix Inc. (VBIX), a tech company, Tuesday announced that it has entered into a definitive share purchase agreement to acquire up to 100 percent of Quantum X Lab's issued and outstanding share capital.
The company will issue shares of its common stock and pre-funded warrants that are up to around 40 percent of Quantum's issued and outstanding capital stock.
Additional consideration of up to 25 percent of Quantum's issued and outstanding capital stock may be issued in the form of common shares and or pre-funded warrants upon Quantum achieving certain milestones post-closing.
Quantum currently owns and operates four portfolio-companies, each dealing with a different quantum segment and challenge.
Further, this acquisition encompasses Quantum's proprietary intellectual property portfolio, including an innovative patent in quantum error correction which addresses challenges in noisy intermediate-scale quantum devices by enabling efficient, real-time decoding of surface code errors thereby reducing computational overhead by up to 50 percent.
The transaction is expected to occur within 90 calendar days from the date of the definitive agreement.
In pre-market activity, VBIX shares were trading at $1.34, down 10.07% on the Nasdaq.
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