Current Energy and Renewables Corp. entered into a binding letter of intent to acquire Armm Inc. (OTCPK:ARMM) from Clarion Finance Pte Ltd and others in a reverse merger agreement on August 18, 2022. In a related transaction, ARMM intends to effect a spin-off of ARMM's firearms lifestyle platform, and respective intellectual property ("IP"), through a wholly-owned subsidiary which will act as the holding company for ARMM's platform and IP.

CER will combine with a subsidiary of ARMM, and will become a publicly traded entity under the name "Current Energy and Renewables Corp." Upon closing of the transaction, the combined entity shall be led by seasoned chief executive officer, David Coburn, Founder, and Chief Executive Officer of the current CER. The deal is subject to, among other things, the approval by Armm stockholders, satisfaction or waiver of the conditions stated in the agreement, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (the "SEC") and approval by Nasdaq to list the securities of the merged company. The transaction is expected to close in the second half of 2022.