Intellisense Solutions Inc. Secures $3.5 Million Investment Ahead of Medigus Ltd. Share Exchange Agreement
OMER, Israel, November 1, 2019 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced that Intellisense Solutions Inc. (OTC: INLL), a Nevada corporation informed Medigus that it has secured commitments for a $3.5 million investment at a pre-money valuation of $10 million for Medigus’ wholly-owned subsidiary, ScoutCam Ltd.
On September 17, 2019, Medigus announced the signing of a securities exchange agreement with Intellisense which will result in Medigus’ wholly-owned subsidiary, ScoutCam Ltd., becoming a wholly-owned subsidiary of Intellisense, in exchange for 60% of the issued and outstanding share capital of Intellisense. In the event that ScoutCam achieves $33 million in aggregate sales within three years of closing, Intellisense will issue Medigus an additional 10% of its issued and outstanding share capital. The closing of the securities exchange agreement is conditioned upon Intellisense securing an investment of at least $3 million based on a company pre-money valuation of $10 million.
By securing the $3.5 million investment, Intellisense has complied with a significant closing condition, bringing Intellisense and Medigus closer to closing of the securities exchange agreement. The closing of the agreement is subject to further closing conditions.
Medigus is traded on the Nasdaq Capital Market and the TASE (Tel Aviv Stock Exchange). To learn more about the company’s advanced technology, please visit www.medigus.com.