Medigus: Matomy Signed Merger Agreement with Vehicle Importer Global Automax
OMER, Israel, Nov. 11, 2020 - Medigus Ltd. (Nasdaq:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced that Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA), a Medigus affiliated company (24.92% owned), entered into a merger agreement with Global Automax Ltd., by way of an exchange of shares between Matomy and shareholders of Global Automax.
Global AutoMax is an Israeli private company engaged in the import of a variety of leading automobile brands into Israel. Global AutoMax imports models by Toyota, FCA (Jeep, Chrysler and Fiat), Mercedes-Benz, Hyundai, Volkswagen, Volvo and Ford. Medigus was informed by Matomy that Global Automax sold approximately 3,000 vehicles in 2019 with a turnover of NIS 355 million.
According to the merger agreement, on the date of completion of the merger transaction, an exchange of securities will be made, such that Matomy will acquire 100% of the shares of Global Automax in consideration of approximately 53% of the issued and paid-up capital of Matomy as well as voting rights, on a non-diluted basis. Shareholders of Global Automax will be entitled to additional ordinary shares of Matomy subject to achievement of certain milestones during the period ending December 31, 2023. The milestones include commercial targets, revenue and net profit targets as well targets relating to Matomy’s market value. If all the milestones are achieved, shareholders of Global Automax are expected to hold approximately 73% of Matomy’s issued and outstanding share capital. The consummation of the merger transaction is contingent upon the completion of various 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.