Nanoveu to Acquire Singapore-Based Proprietary Drone Technology Firm; Shares Jump 11%

MT Newswires Live05-15

Nanoveu (ASX:NVU) entered into a binding sale and purchase agreement to acquire Spinoff Robotics, a spinout from the Singapore University of Technology and Design, for 3 million fully paid Nanoveu shares and 4 million performance rights, which will convert into Nanoveu shares on meeting certain conditions, according to a Friday Australian bourse filing.

The acquisition is subject to due diligence and the receipt of any required regulatory and other approvals. Settlement is slated for completion by Aug. 31.

The firm said the transaction will give it access to in-house-developed proprietary drone products as well as the ALICE tethered drone and the METRON sub-millimeter photogrammetry technologies. It plans to prioritize high-value defense and critical-infrastructure applications, integrating EMASS' ECS-DoT edge-AI silicon with Spinoff's drone technology to deliver fully-owned drone platforms.

Its shares jumped 11% in recent trading on Friday.

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