VeganNation Services Ltd. entered into non-binding Letter of Intent to acquire Sipup Corporation (OTCPK:SPUP) in a reverse merger transaction on October 1, 2020. VeganNation Services Ltd. entered into Stock Exchange Agreement to acquire Sipup Corporation (OTCPK:SPUP) in a reverse merger transaction on April 25, 2021. In connection with the proposed transaction, the VeganNation stockholders are expected to receive securities of Sipup that will be equal to approximately 50% of the issued and outstanding common stock of the Company at the closing of the proposed merger, on a fully diluted basis. VeganNation will be the surviving entity as a part of merger. Following the closing of the proposed merger, VeganNation will effect a change in the Sipup's Board of Directors and management as VeganNation's management deems appropriate. This will result in VeganNation as first publicly traded plant-based ecosystem company. SIPUP board appointed Isaac Thomas Chief Executive Officer of VeganNation, as the new Chief Executive Officer of the Sipup. Yochai Ozeri resigned as Chief Executive Officer and assume the position of Chief Financial Officer. A condition to closing is that Sipup will complete a private placement of its securities with net proceeds of $3.5 million. Subject to satisfaction of the other closing conditions, includes execution of a definitive binding merger agreement, shareholder approval of both companies, completion of due diligence by each company as to the other and other customary closing conditions. The parties intend to close on the transactions contemplated under the letter of intent by January 31, 2021.

VeganNation Services Ltd. completed the acquisition of Sipup Corporation (OTCPK:SPUP) in a reverse merger transaction for $3.3 million on September 30, 2021. At the Closing, pursuant to the Agreement, Sipup Corporation will issue an aggregate of 41.06224 million shares of Common Stock to the VeganNation shareholders in exchange for 100 Ordinary Shares.