NEXION Group Ltd (ASX:NNG) entered into an agreement to acquire Aiscorp Limited for NZD 11.6 million on July 25, 2022. Of NZD 8.15 million, 42% consideration will be paid in cash and the rest in shares of NEXION Group. In addition, 37.9 million Performance rights will be issued to vendors.

They will vest proportionate to the percent the actual revenue achieved in FY23 is of the FY22 revenue. In a related transaction, NEXION Group Ltd entered into an agreement to acquire Silicon Systems Limited. For the year ending March 31, 2022, Aiscorp reported revenue of NZD 7.41 million and EBITDA of NZD 0.38 million.

The transaction is subject to conditions including completion of due diligence, board, shareholder, regulator, and third-party approvals and NEXION raising at least NZD 7.425 million cash via debt and/or equity. The transaction is expected to complete when all conditions are satisfied and if the conditions remain unsatisfied after November 30, 2022, then either party may terminate the agreement. The transaction is expected to completed by February 28, 2022 including due diligence and settlement.

NEXION Group Ltd (ASX:NNG) extended the term sheet to acquire Aiscorp Limited to 25 March 2023. As on March 21, 2023, The NEXION received applications to subscribe for 21,581,338 new Shares from Eligible Shareholders under the Entitlement Offer to raise approximately NZD 1.079067 and issued the Shares and Options on December 28, 2022. All offers pursuant to the prospectus dated November 25, 2022 have now closed.

The NEXION is pleased to announce that our preferred debt partner has successfully completed due diligence on the business combination of NEXION plus Silicon Systems and AISCorp Limited. Conclusive agreement remains incomplete but final terms and documentation are forthcoming.