MedLab Essentials, LLC signed a binding letter of intent to acquire Logiq, Inc. in a reverse merger transaction valued at approximately $100 million.

MedLab Essentials, LLC signed a binding letter of intent to acquire Logiq, Inc. (OTCPK:LGIQ) in a reverse merger transaction valued at approximately $100 million on May 23, 2024. Logiq will acquire MedLab in a share exchange of newly issued shares of LGIQ shares for 100% of the shareholder interests of MedLab. MedLab will become wholly owned subsidiary of the Company and is expected to place executives in senior management positions.

The preliminary target valuation of MedLab is set at $100 million, with Logiq shareholders poised to retain 15% post-transaction. Post-transaction, the combined entity aims to meet listing qualifications for Nasdaq, CBOE or NYSE and complete a substantial capital raise by Q3 of 2024. Upon the closing of the transaction, Brent Suen will be stepping down as CEO.

The transaction is slated for completion by July 31, 2024, subject to standard closing conditions.