Cybernaut to acquire Target Company with share issue

Cybernaut International Holdings (HKEX: 1020) announced a major transaction to acquire 100% of the issued shares in a target company. The consideration, initially set at HK$120.5 million, will be settled by issuing 1,205,334,000 new shares at HK$0.10 per share. An earn-out consideration of up to HK$40 million may be added based on the target group's 2025 financial performance, potentially leading to the issue of an additional 400,000,000 shares. The target company indirectly controls a PRC operating company specializing in intellectual property services, which aligns with Cybernaut's eCommerce business. The acquisition is subject to shareholder approval and customary conditions. Upon completion, the Seller will become a substantial shareholder, and the deal is expected to enhance Cybernaut's product offerings and market position.