Tondo Smart Ltd. (TASE:TNDO) signed a binding memorandum of principles to acquire Cloud Of Things Ltd. on March 8, 2022. Tondo Smart signed a binding agreement to acquire Cloud Of Things Ltd. on July 7, 2022. Under the terms, Tondo will acquire shares in Cloud of Things in exchange for the allotment of 901,954 ordinary shares without par value of the company and 200,434 (series 1) options exercisable in exchange for ILS 8 per share convertible into 200,434 ordinary shares, and 250,542 (series 2) options exercisable in exchange for ILS 10 per share convertible into 250,542 ordinary shares. The transaction is subject to due diligence, and detailed agreement will include, among other things, conditional conditions, as is customary in transactions of this kind, including: (1) obtaining the approval of the Tondo's organs as required by law; (2) obtaining the approval of the stock exchange for the allocation of the company's securities; (3) obtaining the approval of an authority the competition (if necessary); (4) receiving the approval of the Chief Scientist/Innovation Authority (if necessary); (5) (receiving an appropriate rolling from the Tax Authority in connection with the transaction (if necessary). The company is honored to inform that following the passage of 90 days from the date of signing the agreement and since all the preconditions for the agreement have been fulfilled (the stock exchange's approval for the allocation of the securities as part of the transaction has not been received and the tax rolling for the transaction has not yet been received).

Tondo Smart Ltd. (TASE:TNDO) completed the acquisition of Cloud Of Things Ltd. on November 23, 2022.